Why Chevron, Exxon, and Oceaneering International Stocks Just Crashed
Oil stock investors were having a terrific run in late February and early March -- with eight straight trading days of consistently higher stock prices for shares of oil giants ExxonMobil (NYSE: XOM) and Chevron Corporation (NYSE: CVX) -- but their run came to a screeching halt on Wednesday. As of 2:30 p.m. ET, shares of Chevron are down 3.5% and Exxon stock is off 6.2%. Underwater pipeline inspection and oil drill repair company Oceaneering International (NYSE: OII) is having an even worse time -- down 9.2%
And the United Arab Emirates (UAE) is the reason for all of it.
Image source: Getty Images.
Source Fool.com
