Oil stocks are down today as investors prepare for the Organization of the Petroleum Exporting Countries (OPEC+) meeting this week that should provide details of what to expect for oil production in 2024.
OPEC+ and Russia are expected to meet and discuss production plans for countries producing oil in Africa. The two are also likely to continue their voluntary cuts of 1,000 barrels of oil per day into 2024.
Even so, the U.S. still has a large stockpile of crude oil that could continue to see use in the following year. That means that oil prices could remain low into the start of 2024, even if other countries cut their oil production.
With all of this, the price of Brent crude oil ended up dropping increadibly close to $80 per barrel. Analysts are expecting OPEC+ to continue to push for keeping the price of oil between $80 per barrel and $100 per barrel.
Let’s check out how oil stocks are reacting to this news below!
Oil Stocks Down Today
- Exxon Mobil (NYSE:XOM) stock is down 0.78% as of Monday morning.
- Chevron (NYSE:CVX) stock is falling 1% as of this writing.
- Shell (NYSE:SHEL) stock is slipping 0.19% on Monday.
- ConocoPhillips (NYSE:COP) stock is dropping 1.1% today.
- Petróleo Brasileiro S.A. (NYSE:PBR) stock is down 1% this morning.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We’re offering up all of the hottest stock market news that traders need to know about on Monday! Among that is what’s happening with Volkswagen (OTCMKTS:VWAGY), ByteDance and AMC Entertainment’s (NYSE:AMC) shares today. You can catch up on all of these matters down below!
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On the date of publication, William White did not hold (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.