Energy stocks were hit hard Monday after the world’s oil producers failed to agree on a production output freeze on Sunday.

The conference’s failure sent U.S. crude prices tumbling as much as 6.8 percent as traders resumed the commodity’s sell-off. WTI was down 3.6 percent in early morning trade.

Chesapeake Energy was down more than 7 percent in the premarket, while Marathon Oil shares slid nearly 5.5 percent. Shares of Transocean and ConocoPhillips fell more than 3.5 percent.

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