Why Oil Stocks Are Tumbling Again Today
Oil prices plunged again today. Brent crude, the global oil benchmark, fell more than 8% by noon EDT on Monday, pushing its price down to around $31 a barrel.
That sell-off in the oil market hit energy stocks hard. Most oil producers sold off on the day, with several oil giants declining by more than 10% at one point in the day. Among those experiencing a double-digit decline were Chevron (NYSE: CVX), BP (NYSE: BP), Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B), Suncor Energy (NYSE: SU), Apache (NYSE: APA), and Occidental Petroleum (NYSE: OXY).
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Source Fool.com
