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Chevron and Exxon Mobil fell the most of the 30 stocks in the Dow Jones industrial average in midday trading Wednesday. The price of crude oil sank $3.15, or 5 percent, to $60.68 a barrel in New York. Oil dropped on reports that OPEC had slashed its estimate of how much crude it will need to produce next year due to rising supplies from other producers.
The global oil glut is expected to get much bigger before it's over, keeping pressure on oil prices well into next year.
U.S. stocks fell on Monday as oil prices turned sharply lower and spooked investors into dumping shares of drillers and other energy-service companies. Chevron dropped 3.7 percent and Exxon Mobil lost 2.3 percent. The Dow Jones industrial average lost 106.31 points, or 0.6 percent, to 17,852.48.
Stocks declined Monday as trade numbers from China came in below expectations and oil companies were knocked by the falling price of crude.
NEW YORK— Stocks are closing lower, led by a slump in energy stocks after the price of crude oil sank again. Exxon Mobil and Chevron were among the biggest decliners in the Dow Jones industrial average Monday. Benchmark crude oil dropped $2.79, or 4 percent, to $63.05 a barrel in New York, its lowest price in five years.
Some of Monday's midday movers:
NEW YORK— Energy stocks are leading a slight decline in U.S. market indexes in midday trading as the price of oil resumes its slide. Exxon Mobil and Chevron were among the biggest decliners in the Dow Jones industrial average Monday. Benchmark crude oil dropped $2.62, or 4 percent, to $63.24 a barrel in New York.
Some of the names on the move ahead of the open.
Weak trade figures out of China and news that Japan's recession is deeper than initially thought suggested demand for crude would be lower in those two economies. Among the big losers were two Dow Jones industrial average components, Chevron, down 3.7 percent, and Exxon Mobil, off 2.3 percent. "When you look at the major drivers of global growth— Japan, China and the...
Falling oil prices have side-swiped Venezuela's government finances, spurring default concerns, but it isn't clear if contagion effects will emerge.
Oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic.
Stocks mostly fell on Thursday after the European Central Bank said it would wait until 2015 to consider more stimulus.
*Microsoft rises, limiting the market's decline. NEW YORK, Dec 4- U.S. stocks ended slightly lower on Thursday after European Central Bank President Mario Draghi brushed off pressure for more immediate monetary policy action but said the issue would be addressed early next year. "I wasn't expecting much from the ECB, which doesn't want to paint itself into a corner,...
Lower oil prices mean challenges for oil companies, but the retail, airline and auto industry may see a boost to their bottom line.
Stocks rose Tuesday in a mild rebound from the prior day's drop, ahead of monthly data on car sales.
SINGAPORE, Dec 2- U.S. crude futures slipped below $69 a barrel on Tuesday after a rebound from five-year lows on signs that shale oil producers are starting to slow down output. *U.S. crude futures for January delivery slipped 12 cents to $68.88 a barrel by 0013 GMT. *Libya is still testing pipelines to restart the southwestern El Feel oilfield, a spokesman for...
*Slump in Apple weighs on overall market. NEW YORK, Dec 1- U.S. stocks fell in a broad decline on Monday, with the S&P 500 suffering its biggest one-day drop in more than a month, as economic data indicated weakness across the globe and the holiday shopping season got off to a tepid start. Apple Inc was one of the biggest weights on the session, falling 3.2 percent to...
NEW YORK, Nov 28- U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor. I think people are either going to drive it down further or just let the market collapse, "said Tariq Zahir,...
Oil producer and driller stocks are falling after oil's dip, but other energy companies are also seeing their stocks drop.
U.S. stocks closed mixed on Black Friday amid a slide in oil prices following OPEC's announcement that it would not cut its output.