Tuesday, April 12, 2011

Exxon (XOM), Chevron (CVX) Pulling Dow Down

Shares of Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are weighing on the Dow today, as they tumbled with crude oil prices falling by over 3 percent to just over $106 a barrel.

This wasn't an unexpected correction, as oil prices had ended last week over $112.79 a barrel, a two-year high.

After recent massive rise in prices in the commodity sector in general, they have also been pressed down today, taking a breather. Both copper and silver dropped from recent highs.

Chevron was trading at $104.60, falling $3.18, or 2.95 percent, as of 2:36 PM EDT. Exxon Mobil was at $83.15, down $2.01, or 2.36 percent.

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