Why Oil Stocks Are Getting Clobbered Today
Crude oil prices are tumbling today. At 10:30 a.m. EDT on Tuesday, WTI (the U.S. oil price benchmark) was down 7.6% to $36.75 a barrel, while Brent (the global benchmark) fell more than 5% to below $40 a barrel. Weighing on pricing was tepid demand, which led Saudi Arabia to slash the price at which it sells its oil.
That sell-off weighed on most oil stocks. Several tumbled by more than 10%, including Transocean (NYSE: RIG), Kosmos Energy (NYSE: KOS), and QEP Resources (NYSE: QEP).
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Source Fool.com
