These Oil Stocks Are Crashing After Yesterday's Big Rise
Yesterday was a big day for a lot of oil and gas stocks, especially those that have seen their stock prices crater lately. Many of those same stocks are giving back many of those gains today, though, as prices remain low. Several of the oil services companies and rig operators are among the biggest losers today thus far. Here is a list of several oil stocks that are seeing big declines as of 11:30 a.m. EDT.
Yesterday's big price rally came after an OPEC+ -- the plus means all OPEC members and Russia -- announcement over the weekend that it was going to continue with its steep production cuts for some time to try to balance the supply going to market. The swift drop in oil demand as part of the coronavirus response has left the market incredibly oversupplied and inventories of crude oil and refined products are all incredibly high right now.
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Source Fool.com
