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Why ExxonMobil, Occidental Petroleum, and Devon Energy Stocks Dropped Wednesday

TheMotleyFool

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It's Wednesday morning, and oil stocks are tanking. As of 10:10 a.m. ET, shares of industry bellwether ExxonMobil (NYSE: XOM) have recovered off their lows but are still down about 1.7%. Smaller oil stocks Occidental Petroleum (NYSE: OXY) and Devon Energy (NYSE: DVN) are down 2.7% and 2.9%, respectively.

And the price of oil is to blame for it all.

As OilPrice.com reports this morning, the price per barrel of both West Texas Intermediate (WTI) crude oil and Brent are heading lower Wednesday, down 3.9% and 3.6%, respectively, with WTI selling for $83 and change and Brent just under $90 a barrel.

Source Fool.com

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