Oil stocks are down today and we’re diving into why in our market update for Tuesday!
Tensions overseas are behind the drop in oil stocks today. The ongoing threats against Ukraine seem to be diminishing and that has the price of crude oil on the decline. As a result, oil stock prices are moving similarly.
Let’s dive into how this news is affecting some of the biggest oil stocks below!
Why Oil Stocks Are Down Today
- Chevron (NYSE:CVX) stock starts us off with the oil company’s shares slipping 1.8% as of Tuesday afternoon. This comes as some 7 million shares traded. That’s below its daily average trading volume of about 12.4 million shares.
- Exxon Mobil (NYSE:XOM) shares are next on the list with the company’s stock dipping 1.4% lower as of this writing. With that comes 15 million shares on the move. For the record, the company’s daily average trading volume is closer to 26.3 million shares.
- Occidental Petroleum (NYSE:OXY) stock joins the list with shares falling close to 4% lower this afternoon. That comes with almost 15 million shares trading. That’s still below its daily average trading volume of around 16.8 million shares.
- Marathon Oil (NYSE:MRO) shares close out our oil stocks on the move list down 3.7% on Tuesday. Alongside that are 13 million shares changing hands. That hasn’t yet reached its daily average trading volume of roughly 18.1 million shares.
Investors looking for more recent stock market news are in the right place!
We’ve got all the latest stock coverage that traders need to know about for Tuesday! That includes everything going on with shares of Moneygram International (NASDAQ:MGI) stock, iPower (NASDAQ:IPW) stock, and Virgin Galactic (NYSE:SPCE) stock today. You can get all of those details by checking out the following links below!
More Tuesday Stock Market News
- MGI Stock Alert: 15 Things MoneyGram Investors Need to Know as the Payment Company Goes Private
- IPW Stock: 8 Things for Investors to Know as iPower Makes Social Media Plans
- Is SPCE Stock a Buy on Spaceflight Ticket Sale News? 3 Analysts Weigh In.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.