Why Oil Stocks Are Tumbling Today

·3 min read

Oil prices plummeted today. West Texas Intermediate (WTI), the primary U.S. oil price benchmark, tumbled 9.2% to close at $98.45 a barrel, its lowest price since May 11. Meanwhile, the global oil benchmark, Brent crude oil, slumped 9% to close at $103.29 a barrel, its lowest point since May 10.

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