Why Occidental Petroleum, Devon Energy, and Diamondback Energy Shares Fell Today
Shares of leading U.S. shale players Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Diamondback Energy (NASDAQ: FANG) all fell on Thursday, down more than 6% at their early morning lows, before recovering to a loss of 3.6%, 3.8%, and 3.6%, respectively, as of 2:06 p.m. ET today.
As is usually the case with synchronous moves in oil stocks, the reason was a big 3% decline in oil prices today amid several macroeconomic concerns. It appears demand destruction could be kicking in amid a slowing economy, even though supply concerns remain.
Today, a combination of rising jobless claims, interest rates, and gasoline inventories all signaled oil demand could come under pressure in a slowing or recessionary economy.
Source Fool.com
