Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today
At the close of trading on Friday, shares of Phillips 66 (NYSE: PSX), ExxonMobil (NYSE: XOM), and Chevron (NYSE: CVX) were down 2%, 2.6%, and 2.5%, respectively.
That kind of makes sense. According to the latest data on OilPrice.com, WTI crude oil today costs 3.1% less than it did Thursday ($61.56 per barrel), while Brent crude is down 1.1%.
When you're producing, transporting, refining, and selling oil, and the price of your primary product drops, you're making less money -- and your stock price should drop, too.
Source Fool.com
