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Why Oil Stocks Are Tumbling Again Today

TheMotleyFool

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Oil prices are joining the broader stock market by tumbling today. WTI, the primary U.S. oil price benchmark, was down more than 7% by 10:15 a.m. EDT on Thursday, pushing it below $37 a barrel. The main weights were rising oil inventory levels in the U.S. and concerns that COVID-19 cases are on the rise, which could affect oil demand in the coming weeks.

This sell-off took most oil stocks with it. Among the notable names under pressure today were leading service companies Enterprise Products Partners (NYSE: EPD), National Oilwell Varco (NYSE: NOV), and ONEOK (NYSE: OKE), which all fell by at least 10% in early-morning trading.

Image source: Getty Images.

Source Fool.com

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