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Why Oil Giants BP, Chevron, and ConocoPhillips Stocks Tumbled More Than 10% in September

TheMotleyFool

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Why Oil Giants BP, Chevron, and ConocoPhillips Stocks Tumbled More Than 10% in September

Oil market volatility returned with a vengeance last month. Crude oil prices tumbled as rising coronavirus cases caused concerns that demand will remain under pressure. Brent, the global oil benchmark price, plunged 9.6% on the month, while WTI, the U.S. benchmark, slumped 5.6%.

The slump in oil prices walloped oil stocks as most sold off sharply last month. Among the notable decliners were leading global producers BP (NYSE: BP), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP), which have lots of exposure to Brent. All three oil giants declined by more than 10% in September, according to data provided by S&P Global Market Intelligence.