Crude Drops Below $70: Oil Alert

Oil slides just under $70
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NEW YORK (

TheStreet

) -- Is it the glut of oil? Is it the strengthening dollar? Is it slumping equities? Whatever the reason reports are pointing to this morning, the result was the same: slumping oil prices that found crude futures tumbling below $70.

On Monday morning, front-month crude on the New York Mercantile Exchange was trading lower by $2.05 at $69.99 during electronic trading. On Friday, the contract lost 43 cents to settle at $72.04.

On Friday, oil majors finished the day fairly mixed.

Exxon Mobil

(XOM) - Get Report

and

ConocoPhillips

(COP) - Get Report

added 15 cents at $69.99 and 1 cent at $46.80, each. But both were tracking back into negative territory, losing 1.1% and 1.6%, respectively, before the opening bell on Monday.

Chevron

(CVX) - Get Report

changed hands at $72.64 by the close after gaining 67 cents, but was treading in the red down 1.2%.

After dropping 1% each on Friday,

Hess

(HES) - Get Report

and

Marathon Oil

(MRO) - Get Report

were losing 2.4% and 3.8% in pre-market trading.

-- Written by Sung Moss in New York

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