Crude Oil Takes Big Hit from Coronavirus and Geopolitics

By Alex Mills   March 12, 2020 Geopolitics and the coronavirus gave crude oil prices a one-two knockout punch that sent prices to the canvass last week. Prices for West Texas Intermediate on the New York Mercantile Exchange declined from $41 to $30 (27 percent) on Monday, recovered to $34 on Tuesday, but declined again to $33 on Wednesday. The stock prices of oil companies took a big hit, too. Integrated oil companies ExxonMobil and Chevron dropped 12 percent and 15 percent, respectively, on Monday. Independents Occidental and Apache lost 52 percent and 54 percent, respectively on Monday. Marathon dropped 46 percent, EOG fell 32 percent, and Devon declined 37 percent. Most of these stocks recovered slightly on Tuesday, but all were down again on Wednesday. The fall out will trickle down to oil service companies and financial institutions.....  
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