why did xom and cvx go down yesterday?

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why did xom and cvx go down yesterday?

2007-01-03 22:17:40 · 2 answers · asked by HETT 1 in Business & Finance ➔ Investing

2 answers

price of oil dropped because of the warm winter weather we have been having. Somewhat of a knee jerk reaction, but they may drop further.

2007-01-03 22:22:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Both companies are trading in a single commodity..oil.. and the price of oil went down . because of the warm weather and no delivery problems (like hurricanes or turmoil in producing countries) most supplies of oil and gas are plentiful right now....unless the producers (OPEC) slow down production, prices will continue to drop a little.
Good for you at the pump, bad (temporarily) for XOM, CVX

2007-01-04 13:37:56 · answer #2 · answered by jebediabartlett 6 · 0⤊ 0⤋