OII - Why Energy Stocks Are Getting Crushed Again Today
Oil prices continued to tumble today following their historic crash earlier this week. By 12:45 p.m. EDT, WTI, the U.S. oil benchmark, had fallen more than 6% to below $31 a barrel. Weighing on oil was the continued impact of the COVID-19 pandemic, which led President Donald Trump to restrict travel between the U.S. and Europe, further denting oil demand.
The market meltdown caused a massive sell-off in energy stocks, with nearly the entire sector tumbling more than 10% on the day. Among the notable decliners were Kinder Morgan (NYSE: KMI), Oceaneering International (NYSE: OII), Clean Energy Fuels (NASDAQ: CLNE), Core Labs (NYSE: CLB), and TechnipFMC (NYSE: FTI).
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