Why Oil and Gas Giants ExxonMobil, Chevron, and ConocoPhilips Were Down Today on an Up Day for the Market

Shares of oil and gas majors ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP) were all trailing the market today, falling 3.6%, 2.8%, and 4.2% at their lows, before recovering to declines of 3%, 1.9%, and 3%, respectively, as of 12:51 p.m. ET.The declines stood in contrast to the broader market indices, which all bounced into positive territory by that time.Unsurprisingly, oil prices were down sharply on the day. Lower oil prices may could offer some relief to consumers, perhaps explaining the rise in other sectors, but the reasons for the price decline may not ultimately be a great sign for the economy overall.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool