Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Shares Drop as New Virus Strain Stokes Fears of Recovery Hobbling

Stock MarketsNov 26, 2021 19:12
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Dhirendra Tripathi

Investing.com – Shares of energy companies traded sharply lower Friday as oil crashed more than 10% amid fears that a new strain of the coronavirus could halt the still-fragile recovery in global economies.

Both upstream and downstream companies were caught in the broad market selloff.

Occidental Petroleum (NYSE:OXY) was amongst the biggest losers, shedding over 10%, with Devon Energy (NYSE:DVN) losing just short of that mark. Diamondback Energy (NASDAQ:FANG) was down 8.3%, while Marathon Petroleum (NYSE:MPC), ConocoPhillips (NYSE:COP), Phillips 66 (NYSE:PSX) and Valero (NYSE:VLO) fell around 6% each.

ADRs of BP (NYSE:BP) and Shell (NYSE:RDSa) were down 7.6% and 5.6%, respectively. Exxon Mobil (NYSE:XOM) traded 5% lower. 

Both WTI Crude Oil WTI Futures and Brent Brent Oil Futures tumbled as fears of lockdowns returning and hurting oil demand if the economic environment becomes adverse gripped the market. The plunge comes ahead of a key OPEC+ meeting next week.

Bloomberg quoted UBS as saying that the oil cartel could choose to pause its current planned output hike of 400,000 barrels a day or even cut output. The group will have to consider internal projections, published before the news of the variant broke, that showed an expected surplus early next year, UBS said.

Oil Shares Drop as New Virus Strain Stokes Fears of Recovery Hobbling
 

Related Articles

KLA-Tencor Earnings, Revenue Beat in Q2
KLA-Tencor Earnings, Revenue Beat in Q2 By Investing.com - Jan 27, 2022

Investing.com - KLA-Tencor reported on Thursday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. KLA-Tencor announced earnings per...

Western Digital Earnings, Revenue Beat in Q2
Western Digital Earnings, Revenue Beat in Q2 By Investing.com - Jan 27, 2022

Investing.com - Western Digital reported on Thursday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. Western Digital announced...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email