As Crude Swings Lower, Is It Time to Buy Energy Stocks?

What started off as a good day for oil quickly turned sour. Crude prices dropped to new multi-year lows, reversing an earlier rally that was fuelled by reports of unrest in Libya. Light, sweet crude oil for February delivery fell $1.12, or 2% to settle at $53.61 a barrel on the New York Mercantile Exchange, after earlier falling as much as 2.5% to $53.34. And Brent crude for February delivery ended the day at $57.92, down $1.53, on the ICE Futures Europe exchange. “The sentiment turned and now people are viewing that the glut will continue,” Edward Jones analyst Brian Youngberg told STW. “Sentiment seems to keep changing on a constant basis right now.” The drop didn’t deter energy stocks.