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As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

Why Occidental Petroleum, Devon Energy, and Phillips 66 Plunged Today

Billy Duberstein, The Motley Fool
·3-min read

Shares of Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Phillips 66 (NYSE: PSX) fell hard on Wednesday, down 4.3%, 6.1%, and 4.6%, respectively. Although oil prices were trading higher in the morning, they fell by the late afternoon, down around 2% as of this writing. It appears today was a day of recession fears, as first-quarter U.S. GDP figures were revised downward, and Fed Chair Jay Powell reiterated his hawkish posture at a conference in Europe.

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