Oil stocks are on their way down today and we’re diving into why in a market update for Wednesday!
So what exactly has oil stocks dipping today? The price of crude oil dropping is behind the decline for these stocks. The price of crude is currently trading at around $116.70 per barrel Wednesday afternoon. That’s a roughly 5.5% drop and easily explains why oil stocks are down today.
It’s worth noting that the price of crude oil got a boost over the last couple of weeks as the war between Russia and Ukraine kicked off. That resulted in oil stocks being pushed higher as well, and also sent gas prices soaring.
While it’s unclear how long oil prices will be on the decline, know that the value of oil stocks is heavily linked to crude oil prices. Keeping that in mind, here’s how this is affecting several oil stocks today!
Why Oil Stocks Are Down Today
- United States Oil ETF (NYSEARCA:USO) stock starts us off with shares falling more than 8% as of Wednesday afternoon.
- Exxon Mobil (NYSE:XOM) shares are up next with the oil company’s stock slipping almost 2% as of this writing.
- Marathon Oil (NYSE:MRO) stock joins the others with lits shares taking an over 2% beating in afternoon trading.
- Devon Energy (NYSE:DVN) shares close out our list of oil stocks down today with a more than 1% drop in value as of this writing.
Investors looking for more stock market news for Wednesday are in the right place!
We’ve got all the stock market news that traders need to know about for today! That includes what’s dragging Natera (NASDAQ:NTRA) stock down today, why General Electric (NYSE:GE) stock is on the rise this afternoon, as well as how the stock markets are moving overall today. You can check out all of that news at the following links!
More Stock Market News for Wednesday
- Why Is Natera (NTRA) Stock Down Today?
- Why Is General Electric (GE) Stock Up Today?
- Dow Jones Today: What’s Moving the Market This Wednesday?
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.