Why These Top Oil Stocks All Tumbled More Than 10% in January
Crude oil prices plunged in January due to worries about how the fast-spreading 2019-nCoV coronavirus would impact demand for fuel in China. The global oil benchmark, Brent crude, tumbled nearly 12% on the month, closing at around $58 per barrel. Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, plunged 15.6% and closed at about $51.50 a barrel -- its lowest level since August.
That slump weighed heavily on most oil stocks last month, even top-tier U.S. drillers like EOG Resources (NYSE: EOG), Pioneer Natural Resources (NYSE: PXD), and Marathon Oil (NYSE: MRO). All three fell more than 10% in January, according to data provided by S&P Global Market Intelligence.
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Source Fool.com
