LONDON (Reuters) – A fresh slide in the price of crude wiped tens of billions of dollars off oil companies’ market value on Friday and signalled an end to the sector’s safe-haven status, as fears mounted over future profits and dividend payouts.

Fund managers described the last 24 hours of trading as “capitulation” – the point at which a sell-off becomes widespread and panic-driven – as investors reassessed whether the sector could keep gushing cash after OPEC’s decision not to cut oil production to fight a supply glut.

via Billions wiped off energy shares as investors rush for exit – Yahoo News Canada.