Why ExxonMobil, ConocoPhillips, and Shell Stocks Dropped Today
Thursday is looking like a rough day for oil stocks. Oil prices are falling, and oil stocks are following them down.
As OilPrice.com reports, Brent crude oil prices fell 2.8% through 10:30 a.m. ET today, to about $71 per barrel, while U.S.-preferred West Texas Intermediate (WTI) crude prices dropped more than 3% to about $67.50. Falling in tandem were shares of oil majors ExxonMobil (NYSE: XOM) (down 1.6%), ConocoPhillips (NYSE: COP) (down 2.2%), and Shell (NYSE: SHEL) (down 3.7%).
OilPrice.com blames the OPEC+ group of nations (that's basically OPEC itself, plus Russia, Kazakhstan, Azerbaijan, and a few others) for the declines, reminding investors that the group still plans to gradually increase oil production beginning in October. Adding to the misery, reports out of China show an economy still in contraction mode, meaning demand will be falling there.
Source Fool.com
