New Zealand markets open in 5 hours 36 minutes
  • NZX 50

    11,308.31
    -74.25 (-0.65%)
     
  • NZD/USD

    0.6209
    -0.0042 (-0.68%)
     
  • ALL ORDS

    7,418.60
    -29.00 (-0.39%)
     
  • OIL

    75.38
    -0.90 (-1.18%)
     
  • GOLD

    1,748.30
    -5.70 (-0.32%)
     

Why ExxonMobil, Occidental Petroleum, and Phillips 66 Stocks Just Dropped

Why ExxonMobil, Occidental Petroleum, and Phillips 66 Stocks Just Dropped

It's Friday morning -- two days after the Federal Reserve raised interest rates 0.75%, and one day after seemingly every other central bank in the world followed suit, according to The Wall Street Journal -- and oil stocks are tanking. As of 9:50 a.m. ET, shares of oil company Occidental Petroleum (NYSE: OXY) are down 5.6%, while industry bellwether ExxonMobil (NYSE: XOM) is down a solid 6%, and refiner Phillips 66 (NYSE: PSX) is leading the pack lower with a 6.7% loss.