Big Energy Stocks Muted Premarket As Oil Edges Down: What's Driving Crude Lower?
Portfolio Pulse from Shanthi Rexaline
Major energy stocks were mixed in premarket trading as crude oil prices remained flat. Concerns over slowing demand from China and the pace of global economic recovery are influencing oil prices. Exxon Mobil Corp. (XOM) edged up 0.13%, Chevron Corp. (CVX) edged down 0.20%, Occidental Petroleum Corp. (OXY) remained largely unchanged, and the United States Oil Fund, LP (USO) slipped 0.12%.
August 22, 2023 | 9:50 am
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NEGATIVE IMPACT
Chevron Corp. (CVX) edged down 0.20% in premarket trading.
The slight decrease in Chevron's stock price could be due to investor concerns over the current oil market conditions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The United States Oil Fund, LP (USO) slipped 0.12% in premarket trading.
The slight decrease in the United States Oil Fund's stock price could be due to investor concerns over the current oil market conditions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Occidental Petroleum Corp. (OXY) remained largely unchanged in premarket trading.
The stability of Occidental Petroleum's stock price could be due to investor confidence in the company's ability to navigate the current oil market conditions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Exxon Mobil Corp. (XOM) edged up 0.13% in premarket trading.
The slight increase in Exxon Mobil's stock price could be due to investor confidence in the company's ability to navigate the current oil market conditions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100