Shares of oil giant ConocoPhillips (NYSE: COP) are down almost 5% today, continuing a slide that has seen its stock price fall more than 10% over the past week. Today's move lower is the product of a huge drop in crude oil prices following news that Saudi Arabia was cutting prices to two of the world's biggest crude markets: Asia and the United States.
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At this writing, Brent crude futures for November delivery are down more than 5% to $39.84%, while key U.S. benchmark West Texas Intermediate October deliveries are down a brutal 7.4% to $36.84 per barrel.