Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today

Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today
Rich Smith, The Motley Fool
·2 min read

At the close of trading on Friday, shares of Phillips 66 (NYSE: PSX), ExxonMobil (NYSE: XOM), and Chevron (NYSE: CVX) were down 2%, 2.6%, and 2.5%, respectively. Such over-and-above cooperation on the oil market speaks strongly toward the likelihood that supply will remain constrained enough to support higher prices -- which should be good news for oil stocks. Again, that's not what one would ordinarily call good news, unless you own oil stocks.