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MARKETS LIVE BLOG:

STOCKS RISE AS DOW EYES GAIN FOR 8TH STRAIGHT SESSION

U.S. consumer sentiment tumbles in May as inflation, interest rate worries take hold

Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today

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

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.

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