Oil stocks are getting whacked as Saudi Arabia reportedly offers buyers extra supplies
- Oil-exploration stocks are dropping after Bloomberg reported Saudi Arabia will add supplies to the global market.
- Additionally, The Wall Street Journal reported Friday that the US was considering a draw on supplies in its Strategic Petroleum Reserve.
- One of the main oil exchange-traded funds is also lower.
- Watch the SPDR S&P 500 Oil And Gas Exploration ETF trade in real time here.
Oil explorers are getting hammered Monday following a Bloomberg report that Saudi Arabia is adding supplies to the global oil market by offering some Asian buyers extra volumes beyond its contractual obligations.
Saudi Arabia could hit record production with the additional oil offering.
Here’s the scoreboard:
- Exxon Mobil: -1.08%
- Chevron: -1.16%
- Newfield Exploration: -3.22%
- Hess: -3.89%
- Marathon Oil: -6.10%
- SPDR S&P Oil and Gas Exploration ETF: -2.50%
West Texas Intermediate crude oil, the US benchmark, fell by more than 4.5% on account of the potential extra supply from Saudi Arabia. Additionally, The Wall Street Journal reported Friday that the US was considering a draw on supplies in its Strategic Petroleum Reserve.
Read the full article from it’s original source: http://uk.businessinsider.com/oil-stocks-are-getting-whacked-as-saudi-arabia-reportedly-offers-buyers-extra-supplies-2018-7