Why ConocoPhillips Stock Is Slumping Today

Why ConocoPhillips Stock Is Slumping Today

Shares of ConocoPhillips (NYSE: COP) had fallen more than 5% by 10:45 a.m. EDT on Wednesday. Weighing on the oil stock were plunging crude oil prices and earnings at its acquisition target Concho Resources (NYSE: CXO), whose stock also fell by more than 5% in early morning trading. On Wednesday, oil prices sold off, with the U.S. oil benchmark WTI sinking almost 5% to less than $38 per barrel.