XOM - Why ExxonMobil Phillips 66 and ConocoPhillips Stocks Crashed Today
Shares of oil stocks , including ExxonMobil (NYSE: XOM) , Phillips 66 (NYSE: PSX) , and ConocoPhillips (NYSE: COP) , crashed sharply lower in Monday trading, ending the day down 5.1%, 7.1%, and 7.5%, respectively. In part, the share price declines can be traced back to declines in the price of oil -- as you'd expect -- with the cost of WTI crude falling 0.8% today, and Brent crude prices declining 1.2%. But in part, this story is bigger than a single day's change in the cost of crude oil.
After all, declines of just 0.8% or even 1.2% aren't very big -- certainly not big enough to explain, all on their own, the 7.5% decline in Conoco's share price! What's more, if you look closely you might notice that the price of oil is actually up -- not down -- nearly 5% over the past week.
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Why ExxonMobil, Phillips 66, and ConocoPhillips Stocks Crashed Today