ConocoPhillips Stock Falls as Oil Prices Retreat
ConocoPhillips (NYSE:COP) shares are sliding Wednesday along with other oil and gas exploration and production companies as crude prices retreat from a two-day rally, pressured by easing Saudi supply concerns and a smaller-than-expected drawdown in U.S. crude inventories.
Oil prices went down, so ConocoPhillips stock went down too. When oil costs less, oil companies make less money from selling it.
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