Why Oil Stocks Are Slipping Today
Across the energy sector, from oil and gas majors to contract oil drillers and oil refiners, shares of oil stocks are falling. Illustrative of the fall, as of 1:40 p.m. ET today, oil major ExxonMobil (NYSE: XOM) is down 2.2%, while downstream from Exxon, refiner Phillips 66 (NYSE: PSX) is seeing its shares slide 3.3%. And toward the upstream at contract driller Transocean (NYSE: RIG), the losses are even steeper -- 8.3%.
Falling oil prices are the reason.
As OilPrice.com reports this morning, the price of a barrel of Brent oil fell 2.2% today to about $104.60, while in the U.S., WTI crude is down 3% -- and back below $100 at $96.91, erasing gains from earlier this week and actually pushing the price of oil below where it ended last week.
Source Fool.com
