Sector Snap: Oil Companies
Oil companies and drillers tumble as crude prices fall amid worries about global growth
NEW YORK (AP) -- Oil industry companies took a hit Wednesday after the price of crude fell again amid concerns over the outlook for global economic growth.
The drop marked oil's fourth day of declines in the past five. Crude has fallen about $8 a barrel over the past week to below $87 per barrel, its lowest level since December, as the outlook for global economic growth weakens while oil supplies remain high.
The Energy Department's Energy Information Administration said Wednesday that the nation's crude oil supplies are 5 percent above year-ago levels. Global supplies remain ample as well.
In afternoon trading the shares of major oil companies were lower amid a broad market sell-off.
— Exxon Mobil Corp., down 59 cents to $86.02
— Chevron Corp. at $114.89
— Hess Corp., down $2.28, or 3.3 percent, to $66.51
— Total SA, down $1.71, or 3.6 percent, to $46.17
— Royal Dutch Shell PLC, down $1.26 to $63.76
— CVR Energy Inc., down $3.14, or 6.4 percent, to $45.91
— Marathon Oil Corp., down $1.14, or 3.7 percent, to $29.92
— Schlumberger Ltd., down $2.31, or 3.2 percent, to $70.98
— Baker Hughes Inc., down $1.08, or 2.4 percent, to $43.92
—Weatherford International Ltd., down 31 cents, or 2.5 percent, to $12.16
