XOM - Why Oil Stocks Are Dropping Today
Shares of ExxonMobil (NYSE: XOM) , ConocoPhillips (NYSE: COP) , and Phillips 66 (NYSE: PSX) all were down 5% early Monday morning, before recovering.
Though the first shipments of the Moderna COVID-19 vaccine are being distributed today, the sector is taking a hit from other pandemic news, as well as another asset writedown in the sector.
As has been the case during much of the pandemic, stocks in industries most affected by lockdowns or reopenings are moving in tandem. And today's news of a new viral strain, and subsequent lockdown measures in the U.K., have investors spooked about a recovery in oil .
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Why Oil Stocks Are Dropping Today