XOM - Why Oil Stocks Are Slipping Today
Across the energy sector , from oil and gas majors to contract oil drillers and oil refiners, shares of oil stocks are falling. Illustrative of the fall, as of 1:40 p.m. ET today, oil major ExxonMobil (NYSE: XOM) is down 2.2%, while downstream from Exxon, refiner Phillips 66 (NYSE: PSX) is seeing its shares slide 3.3%. And toward the upstream at contract driller Transocean (NYSE: RIG) , the losses are even steeper -- 8.3%.
Falling oil prices are the reason.
As OilPrice.com reports this morning, the price of a barrel of Brent oil fell 2.2% today to about $104.60, while in the U.S., WTI crude is down 3% -- and back below $100 at $96.91, erasing gains from earlier this week and actually pushing the price of oil below where it ended last week.
For further details see:
Why Oil Stocks Are Slipping Today