Updated from 11:11 a.m. EDT

Shares of most major oil companies moved lower Tuesday morning in concert with crude oil's price drop.

Sunoco ( SUN), after being up as much as 88 cents in the session, finished down 8 cents to $28.19. JPMorgan upgraded the refiner from neutral to overweight Tuesday morning.

Light, sweet crude oil futures for May delivery settled lower by $1.90 to $49.15 a barrel on the New York Mercantile Exchange.

The Amex Oil Index was down 2.5%, or 22.56 to 868.19.

Shares of Royal Dutch Shell ( RDS.B) were off 3.9%, to $42.94.

ConocoPhillips ( COP) shares were down 3.6% to $39.69.

Chevron ( CVX) was lower by 2.1% to $68.40.

BP ( BP) shares were down 2.6% to $39.64.

Exxon Mobil ( XOM) was lower by 1.9% to $68.71.