PSX - Why Chevron Core Labs and Phillips 66 Stocks Dropped Today
For the second day in a row, oil prices are tumbling Thursday -- and they're taking down shares of companies all across the energy industry along with them.
As of 1:30 p.m. ET, oil-field services company Core Laboratories (NYSE: CLB) is down 5.2%, oil major Chevron (NYSE: CVX) is losing 4.8%, and further down the supply chain, refiner Phillips 66 (NYSE: PSX) is suffering worst of all with a 7.5% loss.
From a closing price near $119 last Friday, the price of WTI crude oil dropped to $111 through Tuesday, then dropped 3% more yesterday and another 1.4% today -- ending up around $105 a barrel.
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Why Chevron, Core Labs, and Phillips 66 Stocks Dropped Today