Friday, March 19, 2010

Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) Drop as Oil Falls

Exxon Mobil, Chevron Down with Oil Futures

Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) dropped in early trading as crude oil futures fell below $81 a barrel.

This wasn't a complete surprise, as it seems the market was looking for an excuse for a breather after a week of moving upward.

Pressures also came from ongoing concerns over Greek sovereign debt and the Reserve Bank of India surprisingly increasing its repurchase rate to 5 percent, something that caught the markets off guard.

Worries are circulating that China could be next in line to make a similar move.

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