Energy Stocks Under Pressure Amid Sharp Pullback In Oil Prices

(RTTNews) - Energy stocks have come under pressure over the course of the trading session on Friday amid a sharp pullback by the price of crude oil.

Reflecting the weakness in the energy sector, the NYSE Arca Oil & Gas Index has slumped by 2 percent, while the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index have plummeted by 2.8 percent and 3.2 percent, respectively.

The weakness in the sector comes as crude oil for November delivery is tumbling $1.78 to $44.54 a barrel after Bloomberg reported Saudi Arabia does not expect an output agreement to stabilize the market in talks in Algiers next week.