Crude Oil Continues To Slide, Dragging Down Several Oil Stocks

Several oil stocks including Exxon Mobil Corp XOM, Chevron Corp CVX, Marathon Petroleum Corp MPC and ConocoPhillips COP are trading lower Wednesday as crude oil falls on demand worries and concerns over rising interest rates. 

What Happened: Crude oil fell to a five-week low this week. Front month WTI Crude futures were trading down 3.98% at $68.81 and Brent Crude futures, the international benchmark, were down 3.66% at $72.56 at last check. 

Exxon Mobil was down 1.34% at $108.63, Chevron was down 1.06% at $158.34, Marathon Petroleum was down 3.42% at $112.93 and ConocoPhillips was down 1.68% at $96.99, according to Benzinga Pro.

The Federal Reserve's upcoming decision on rates has pressured overall markets. An interest rate decision is due Wednesday afternoon. Most expect the committee to opt for another 0.25% hike.

See Also: Fear & Greed Index Moves To 'Neutral' Zone Ahead Of Fed Rate Decision

Broader Price Action: The United States Oil Fund USO was down 3.08% at $61.11 and the Energy Select Sector SPDR Fund XLE was down 1.09% at $79.64.

Photo: Kristina Kasputienė from Pixabay.