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Why Energy Stocks Are Down This Week

TheMotleyFool

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Energy stocks tumbled this week. The average energy company in the S&P 500 slumped nearly 9% over the past five trading days. Among the notable decliners were Phillips 66 (NYSE: PSX), Occidental Petroleum (NYSE: OXY), Clean Energy Fuels (NASDAQ: CLNE), Core Laboratories (NYSE: CLB), and Continental Resource Development (NASDAQ: CDEV). All five plunged more than 10% over the past week.

The biggest issue weighing on energy stocks is the price of oil, which has declined by about 8% over the past week, pushing it to its lowest point since May. Several factors contributed to oil's decline, including rising COVID-19 cases and a stronger dollar.

Image source: Getty Images.

Source Fool.com

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