Tuesday, April 12, 2011

Exxon (XOM) (CVX) (COP) Drop as Oil Prices Fall

After oil prices continued at a steady upward climb recently, they pulled back on Monday, pushing down the share prices of giant producers like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP).

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

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

ConocoPhillips closed Monday at $80.12, falling $0.67, or 0.83 percent. Chevron closed at $107.78, down $1.88, or 1.71 percent. Exxon Mobil closed at $85.15, dropping $0.79, or 0.92 percent.

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