Camber Energy, Inc (NYSE:CEI) and Battalion Oil Corporation (NYSE:BATL) were trading down over 6% and 2%, respectively, on Tuesday afternoon in sympathy with the United States Oil Fund, which fell over 6% in the morning before recouping some of the losses to trade down about 4% off Monday’s close.
Stocks in the energy sector have been flying higher amid Russia’s invasion of Ukraine and fear of how sanctions imposed on the Putin-led country will impact the price of oil. Many of the stocks soared so quickly that they became over-extended, making a retracement likely, which has caused the sector to pull back. Ongoing talks between Russian and Ukraine senior officials to end the war are underway, bringing some hope the war will come to an end, resulting in lower energy costs.
