Market Insider

Energy stocks whipsaw after Doha meeting failure

Saudi Oil Minister Ali Ibrahim Al-Naimi in Doha, Qatar.
Justin Solomon | CNBC

Energy stocks were whipsawed Monday, erasing earlier losses that arose after the world's oil producers failed to agree on a production output freeze on Sunday.

The conference's failure sent U.S. crude prices tumbling as much as 6.8 percent as traders resumed the commodity's sell-off. WTI was down 1.2 percent in the afternoon.

Chesapeake Energy was up 0.2 percent in afternoon trade, but closed 1.16 percent lower. Marathon Oil shares added as much as 3 percent, closing up 2.69 percent. Both stocks fell more than 8 percent at session lows.

Shares of Transocean and ConocoPhillips fell more than 3.5 percent before closing up 0.3 percent and nearly 3 percent, respectively.

Energy stocks have rallied recently, as the broad Energy Select Sector SPDR Fund ETF (XLE) has gained nearly 23 percent since hitting its Jan. 20 low. The ETF is still down 22 percent in the last year, but was up 1.65 percent Monday.