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Why Oil Stocks Are Slumping Today

TheMotleyFool

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Oil prices were a bit weaker today. WTI, the main U.S. oil benchmark, was marginally lower at 10:45 a.m. EDT while Brent, the global benchmark, slumped more than 1%. This weakness in the oil market, as well as an overall down day in the stock market, weighed on most oil stocks today.

A broad section of oil-related companies tumbled more than 10%. Leading the plunge were refiner PBF Energy (NYSE: PBF), gas driller Southwestern Energy (NYSE: SWN), oil driller Centennial Resource Development (NASDAQ: CDEV), and offshore service companies Core Laboratories (NYSE: CLB), Helix Energy Solutions (NYSE: HLX), and Oceaneering International (NYSE: OII).