Shares of energy companies, including Exxon Mobil Corp XOM, Diamondback Energy Inc FANG and Marathon Oil Corporation MRO are trading lower as oil prices pull back following recent strength. The sector has gained amid supply concerns as a result of the Russia-Ukraine conflict and a US ban on Russian oil imports.
US indices are otherwise trading higher amid continued volatility on Ukraine-Russia concerns. A pullback in oil prices following the recent crude rally has helped alleviate some concerns of rising commodity costs. US President Joe Biden Tuesday announced a ban on Russian Russian oil, natural gas and coal imports.
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Exxon Mobil is trading lower by 6.0% at $82.49.
Diamondback Energy is trading lower by 3.9% at $129.25.
Marathon Oil is trading lower by 2.9% at $23.25.
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