Oil Shares Slip As Crude Weakens On China COVID Curbs, Lower GDP Forecast
- Date: 09-Aug-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Gulf
Oil Shares Slip As Crude Weakens On China COVID Curbs, Lower GDP Forecast
By Dhirendra Tripathi
Investing.com – Energy stocks were lower across the board in Monday’s premarket as crude prices fell and major investment banks cut their forecasts for China’s GDP amid rising cases of COVID-19 in the world’s second-largest economy.
Shares of integrated oil companies as well as standalone explorers fell. Shell (LON:RDSa) ADR fell the least. It was down 1%. Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and BP (NYSE:BP) fell around 1.4% each. Occidental Petroleum (NYSE:OXY) shed 2.7% while Marathon Oil (NYSE:MRO) traded 3.8% weaker.
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