Oil stocks suffering broad selloff as crude futures sink

Energy stocks are taking a broad beating Thursday, as reports that the U.S. is planning a large release of its crude reserves has sent oil prices sharply lower. The SPDR Energy Select Sector ETF dropped 2.2% in premarket trading, with all of its components seeing activity losing ground. Chevron Corp.'s slumped 1.7% to pace the Dow Jones Industrial Average's premarket decliners, while Dow futures rose 6 points, or 0.1%. Among other more-active energy ETF components, shares of Occidental Petroleum Corp. shed 2.8%, Exxon Mobil Corp. fell 2.1% and Schlumberger Ltd. slid 2.1%. The biggest decliner was Marathon Oil Corp.'s stock , which dropped 5.2%. Meanwhile, crude oil futures sank 6.2%.

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