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Offshore Oil Stocks Are Sinking Again as Crude Price War Escalates

 March 11, 2020 - 2:00 PM EDT

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Offshore Oil Stocks Are Sinking Again as Crude Price War Escalates

Offshore oil stocks are taking it on the chin once again today. As of 12:49 p.m. EDT on March 11, seven of the biggest offshore drilling and offshore/undersea services providers have seen their shares fall between 7% and 35%. Their losses from their 2020 highs are absolutely staggering, with stock declines between 72% and 91%:

Prices as of 12:49 p.m. EDT on March 11. Data source: Ycharts.

The stakes in the crude oil price war just got raised even higher. OPEC's third-largest producer, the United Arab Emirates, is joining Saudi Arabia in plans to boost its oil production starting in April.

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Source: Motley Fool
(March 11, 2020 - 2:00 PM EDT)

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