Why ExxonMobil, Chevron, and Diamondback Stocks All Dropped on Friday
It's Friday, and it looks like oil stocks are going to end this week on a down note. As of 10:20 a.m. ET, shares of Chevron (NYSE: CVX) are trading 1.8% below Thursday's close, while oil industry bellwether ExxonMobil (NYSE: XOM) is down 2.1%, and independent oil producer Diamondback Energy (NASDAQ: FANG) leads the pack lower with a 5.6% loss.
The most obvious culprit for this morning's selling -- for all three of these energy stocks -- is the falling price of oil. As OilPrice.com reports today, the cost for a barrel of West Texas Intermediate crude is falling for a third straight day, down 4% -- and down nearly 10% from Tuesday at $78.37 a barrel.
Brent crude, the international benchmark, is selling off similarly, down 3.5% today, and down nearly 8% from Tuesday's peak at $86.61 a barrel -- it's down even more from a high north of $98 a barrel, set on Nov. 4.
Source Fool.com
