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Why Oil Stocks Were in Retreat Today

TheMotleyFool

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Why Oil Stocks Were in Retreat TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Shares of major oil stocks such as ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and services provider Core Laboratories (NYSE: CLB) were falling on Thursday, down 2.6%, 2.3%, and 3.7%, respectively, as of 2 p.m. ET.

Today marked a retreat after yesterday's strong gains, which were fueled by a news report that the Biden administration would consider refilling the Strategic Petroleum Reserve (SPR) should oil prices fall below $80 per barrel.

However, officials later poured cold water on that rumor. Meanwhile, the International Energy Agency (IEA) warned of weakening demand in the fourth quarter late Wednesday.

Source Fool.com

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