Why Chevron Stock Tumbled 22% in March
Shares of Chevron (NYSE: CVX) plummeted 22.4% in March, according to data provided by S&P Global Market Intelligence. To put that decline into perspective, the oil giant lost a jaw-dropping $80 billion in market value last month. The main factor driving down its stock was a stunning crash in crude oil prices.
Oil prices plummeted 50% last month due to dual shocks to supply and demand. Consumption is cratering because of the COVID-19 outbreak, which is shutting down the global economy. Meanwhile, supplies are on the rise due to the breakup of Russia's production reduction agreement with OPEC.
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Source Fool.com
