Shares of energy stocks are trading lower amid a pullback in the price of oil as OPEC cuts its demand forecast.
Portfolio Pulse from Benzinga Newsdesk
Energy stocks are experiencing a decline due to a decrease in oil prices following OPEC's reduced demand forecast.
September 10, 2024 | 4:46 pm
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NEGATIVE IMPACT
BP's stock is likely to be negatively affected by the drop in oil prices following OPEC's demand forecast cut.
BP, as a major oil company, is sensitive to changes in oil prices. The reduced demand forecast by OPEC suggests potential revenue declines, impacting BP's stock negatively.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
Schlumberger's stock may see a decline as oil prices fall due to OPEC's reduced demand forecast, affecting the oil services sector.
As a leading oilfield services company, Schlumberger's business is closely tied to oil prices. A decrease in oil prices can lead to reduced exploration and production activities, affecting its revenues.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Exxon Mobil's stock is likely to be negatively impacted in the short term due to the decline in oil prices following OPEC's reduced demand forecast.
Exxon Mobil, being a major player in the oil industry, is directly affected by changes in oil prices. The reduction in OPEC's demand forecast suggests lower future revenues from oil sales, impacting stock prices negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80