Reported about 1 month ago
On a challenging day for oil stocks, shares of ExxonMobil, ConocoPhillips, and BP took a hit following a drop in Brent crude prices below $75 a barrel and a similar decline in WTI crude. The downturn is attributed to OPEC+'s plan to increase oil production and declining manufacturing output in China, suggesting diminished global oil demand. Despite the current struggles, analysts believe oil stocks, known for their cyclical nature, may recover in the long term.
Source: YAHOO