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.
Tuesday, April 12, 2011
Cameron (CAM) (DVN) (HES) Down as Oil Prices Fall
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