Energy ETFs drop as oil falls below $80 a barrel, marking an 8-month low

Energy ETFs drop as oil falls below $80 a barrel, marking an 8-month low

Shares of oil and gas companies were taking a broad beating ahead of Friday's open, as growing concerns of a coming recession has sent crude oil futures CL00, -5.34% sinking toward an eight-month low. The SPDR Energy Select Sector ETF XLE, -6.57% slumped 3.2% in premarket trading, with all 21 components selling off, as crude futures shed 3.4% and while futures ES00, -2.00% for the S&P 500 SPX, -2.01% fell 1.4%. Within energy ETF, the biggest decliners were shares of …