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Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today

Rich Smith, The Motley Fool
·2-min read
Why ExxonMobil, Chevron, and Phillips 66 Stocks Slumped Today

At the close of trading on Friday, shares of Phillips 66 (NYSE: PSX), ExxonMobil (NYSE: XOM), and Chevron (NYSE: CVX) were down 2%, 2.6%, and 2.5%, respectively. Such over-and-above cooperation on the oil market speaks strongly toward the likelihood that supply will remain constrained enough to support higher prices -- which should be good news for oil stocks. Again, that's not what one would ordinarily call good news, unless you own oil stocks.

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