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Why Oil Stocks Are Nosediving Again Today

TheMotleyFool

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Why Oil Stocks Are Nosediving Again Today

Oil prices continued plunging today. WTI, the U.S. oil benchmark, dove another 21%, falling to its lowest level in 18 years. At one point, WTI was within pennies of the $20-a-barrel level, though it did come up a bit from that low, trading slightly above $21 a barrel at 3:00 p.m. EDT on Wednesday.

The sell-off in the oil market caused energy stocks to nosedive again today, with several tumbling by more than 10%. Among the notable names falling deeply into the red were ConocoPhillips (NYSE: COP), Occidental Petroleum (NYSE: OXY), Pioneer Natural Resources (NYSE: PXD), Devon Energy (NYSE: DVN), and Parsley Energy (NYSE: PE).