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Why Oil Stocks Are Getting Clobbered Today

TheMotleyFool

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Why Oil Stocks Are Getting Clobbered TodayPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

Crude oil prices are tumbling today. At 10:30 a.m. EDT on Tuesday, WTI (the U.S. oil price benchmark) was down 7.6% to $36.75 a barrel, while Brent (the global benchmark) fell more than 5% to below $40 a barrel. Weighing on pricing was tepid demand, which led Saudi Arabia to slash the price at which it sells its oil.

That sell-off weighed on most oil stocks. Several tumbled by more than 10%, including Transocean (NYSE: RIG), Kosmos Energy (NYSE: KOS), and QEP Resources (NYSE: QEP).

Image source: Getty Images.

Source Fool.com

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