Shares of energy companies, including Exxon Mobil Corp (NYSE:XOM), Diamondback Energy Inc (NASDAQ:FANG) and Marathon Oil Corporation (NYSE:MRO) are trading lower as oil prices pull back following recent strength. The sector has gained amid supply concerns as a result of the Russia-Ukraine conflict and a US ban on Russian oil imports.
US indices are otherwise trading higher amid continued volatility on Ukraine-Russia concerns. A pullback in oil prices following the recent crude rally has helped alleviate some concerns of rising commodity costs. US President Joe Biden Tuesday announced a ban on Russian Russian oil, natural gas and coal imports.
