Why ExxonMobil, Phillips 66, and ConocoPhillips Stocks Crashed Today

Rich Smith, The Motley Fool
·3-min read
Why ExxonMobil, Phillips 66, and ConocoPhillips Stocks Crashed Today

Shares of oil stocks, including ExxonMobil (NYSE: XOM), Phillips 66 (NYSE: PSX), and ConocoPhillips (NYSE: COP), crashed sharply lower in Monday trading, ending the day down 5.1%, 7.1%, and 7.5%, respectively. In part, the share price declines can be traced back to declines in the price of oil -- as you'd expect -- with the cost of WTI crude falling 0.8% today, and Brent crude prices declining 1.2%. What's more, if you look closely you might notice that the price of oil is actually up -- not down -- nearly 5% over the past week.