Crude Slumps Another Day: Oil Alert
NEW YORK (
) -- By all appearances, it seems oil investors took a peek at weekly underlying crude fundamentals, didn't like what they saw, and continued sending futures lower today.
On the New York Mercantile Exchange on Thursday, the front-month contract for benchmark crude was sliding another $2.67 to $66.30. This, after Wednesday's $2.79 tumble that found the November delivery contract settling at $68.97.
The big move down followed inventory news from the Energy Department, showing continuing build ups in crude, gasoline and distillate stocks on top of already high inventories.
Major oil stocks were sliding on the day, as
Exxon Mobil
(XOM) - Get Report
,
Chevron
(CVX) - Get Report
and
ConocoPhillips
(COP) - Get Report
were losing 0.8%, 1.2% and 1.8% each by midday.
Shares of
Marathon Oil
(MRO) - Get Report
were down 1.3%, while American depositary shares of
BP
(BP) - Get Report
were off 2.3%.
-- Written by Sung Moss in New York
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