Oil Prices Plummet on Friday

Oil prices plummeted on Friday, with US benchmark West Texas Intermediate (WTI) crude falling 4% to $89.15 a barrel.

The sharp decline in oil prices was followed by a drop in energy stocks, but to a lesser extent, with the Energy Select Sector SPDR Fund (XLE) down 1%.

The selloff affected oil-linked products, including Brent crude, which slid 2.5% to $99.76, and the United States Oil Fund (USO), which dropped 4.3%.

Despite the drop in shares of energy companies like Venture Global and ConocoPhillips, they were still able to sign a long-term liquefied natural gas sales agreement.