Tuesday, May 25, 2010

Exxon (NYSE:XOM), Chevron (NYSE:CVX) Down on Lower Oil Prices

The price of oil futures plunged below the $69 a barrel mark to close the day at $68.75 a barrel, dropping as low as $67.15 a barrel. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) closed down as well, moving in unison with oil prices today.

Exxon Mobil dropped 48 cents, or 0.8 percent, to $59.71, while Chevron was down 87 cents, or 1.2 percent, to $72.57.

Volume was high for both companies, with 22,308,218 Chevron share changing hands, in contrast to the 3-month average of 10,814,000. Exxon Mobil surged to 50,536,767 shares being exchanged, against the 3-month average of 28,592,600.

The Dow Jones Industrial Average declined by 22.82 points, to finish at 10043.75, a 0.23 percent drop.

No comments: