Tuesday, April 12, 2011

Cameron (CAM) (DVN) (HES) Down as Oil Prices Fall

Even though oil prices have been steadily rising recently, they dropped back on Monday, putting downward pressure on the share prices of giant energy companies like Cameron International (NYSE:CAM), Devon Energy (NYSE:DVN) and Hess Corporation (NYSE:HES).

On the New York Mercantile Exchange, crude oil fell 3.3 percent or $3.77 to $109.04 a barrel. Reformulated blendstock gasoline prices was down 0.6 cents to $3.1945 a gallon.

According to AAA, the national average price of unleaded gasoline rose to $3.77 a gallon Monday from $3.761 on Sunday.

Hess Corporation closed Monday at $81.78, falling $2.46, or 2.92 percent. Devon Energy closed at $89.24, down $2.16, or 2.36 percent. Cameron International closed at $53.54, dropping $1.95, or 3.51 percent.

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