Why ExxonMobil, Shell, and ConocoPhillips Stocks Dropped Tuesday
Oil stocks tumbled on Tuesday, with both ExxonMobil (NYSE: XOM) and ConocoPhillips (NYSE: COP) shares sliding 2.8%, and Shell (NYSE: SHEL) falling 3.2% through 10:10 a.m. ET.
After strengthening to a recent high north of $77, West Texas Intermediate (WTI) crude oil prices turned tail and began falling last week. At roughly $70.60 per barrel, crude oil today costs 9% less than it did just a week ago. Worse news for investors, about half of that decline arrived today, with WTI prices dropping 4.5%.
The price of Brent crude, the international standard, is off about 4.1% today, and sits at just about $74 a barrel.
Source Fool.com
