CVX, XOM, OXY, MRO: why are oil stocks down today?
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Oil inventories are down today and we explain why in our Tuesday market update!
Overseas tensions are behind the drop in oil inventories today. Ongoing threats against Ukraine appear to be diminishing and this is having the effect of lowering the price of crude oil. As a result, oil stock prices move in the same way.
Let’s see how this news affects some of the biggest oil stocks below!
Why Oil Inventories Are Down Today
- Chevron (NYSE:CLC) stock starts us off with shares of the oil company slipping 1.8% on Tuesday afternoon. It comes as some 7 million shares have been traded. That’s below its average daily trading volume of around 12.4 million shares.
- Exxon Mobil (NYSE:XOM) shares are next on the list, with the company’s stock having fallen 1.4% at the time of this writing. With that comes 15 million shares in motion. For the record, the company’s average daily trading volume is closer to 26.3 million shares.
- western oil (NYSE:OXY) the stock joins the list with shares down almost 4% this afternoon. This comes with nearly 15 million shares traded. That’s still below its average daily trading volume of around 16.8 million shares.
- Marathon Oil (NYSE:MRO) stocks close our oil stocks on the move list down 3.7% on Tuesday. Along with this, 13 million shares change hands. This has yet to reach its average daily trading volume of around 18.1 million shares.
Investors looking for the latest stock market news have come to the right place!
We have all the latest stock coverage traders need to know for Tuesday! This includes everything that happens with the actions of Moneygram International (NASDAQ:MGI) Inventory, iPower (NASDAQ:IPW) shares, and Galactic Virgo (NYSE:SPCE) in stock today. You can get all these details by checking out the following links below!
More Tuesday stock market news
As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
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