Chevron, Crude Oil Lower as Traders Eye OPEC Meeting

Shares of Chevron (CVX) - Get Report were lower on Tuesday as crude oil prices were pummeled. U.S. benchmark West Texas crude oil prices were down 3.9% as traders eye the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna. The 14-nation cartel is expected to deliver a deal to cut production by Wednesday, however, talks are still ongoing. Tensions are rising between Iran and Saudi Arabia as Iran warned that it will not make any production cuts, and instead, asked for Saudi Arabia to cut back its output even further. Analysts say a deal is still possible, but odds have fallen as discord between OPEC members persists.

Employees of TheStreet are restricted from trading individual securities.