Oil Stock Winners and Losers: ConocoPhillips

Updated from 11:26 a.m. EDT

Shares of most integrated oil companies closed lower Wednesday despite a drop in weekly petroleum inventories.

The Amex Oil index closed down 2.9% to 933.14. Light, sweet crude oil futures for June closed down 82 cents to settle at $57.82 on the New York Mercantile Exchange.

For the week ended May 8, crude inventories fell by 4.7 million barrels, or 1.3%, to 370.6 million barrels, 17.6% above year-ago levels, the Energy Department's Energy Information Administration said.

Analysts had expected an increase of 1.4 million barrels, according to Platts, the energy information unit of McGraw-Hill Cos.

Gasoline inventories fell by 4.1 million barrels, or 1.9%, to 208.3 million barrels, s 0.5% below year-ago levels. Analysts expected stockpiles to rise by 400,000 barrels.

Gasoline demand over the four weeks ended May 8 was 1.2% lower than a year earlier, averaging 9 million barrels a day. U.S. refineries ran at 80.4% of total capacity on average, 4.9% lower from the prior week. Analysts expected capacity to remain at 85.3%.

Among stocks, Exxon Mobil(XOM Quote) closed down 1.5% to $69.77.

Chevron(CVX Quote) finished down 1.6% to $68.10.

ConocoPhillips(COP Quote) was down 1.9% to $44.60.

BP(BP Quote) closed down 2.2% to $46.04.

Royal Dutch Shell(RDS.B Quote) closed down 0.6% to $49.33.

Sunoco(SUN Quote) was up 0.4% to $29.48. Sunoco announced that it has signed a $34 million four-year contract extension and expansion with India's Wipro's(WIT Quote) Infocrossing unit for IT services.