Why Oil Stocks Are Tumbling Again Today

Oil prices plunged again today. Brent crude, the global oil benchmark, fell more than 8% by noon EDT on Monday, pushing its price down to around $31 a barrel.

That sell-off in the oil market hit energy stocks hard. Most oil producers sold off on the day, with several oil giants declining by more than 10% at one point in the day. Among those experiencing a double-digit decline were Chevron (NYSE: CVX), BP (NYSE: BP), Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B), Suncor Energy (NYSE: SU), Apache (NYSE: APA), and Occidental Petroleum (NYSE: OXY).

Image source: Getty Images.

Continue reading

Source: Motley Fool
(March 16, 2020 - 2:14 PM EDT)

News by QuoteMedia

www.quotemedia.com