Chevron (CVX) Trades Down as Oil Prices Drop

Chevron (CVX) was under pressure as oil as gas prices fell Wednesday, dragging the majority of energy companies down as well.

Brent crude settled down $5.06 at $112.57 a barrel, while U.S. crude futures dropped $5.67 to settle at $98.21.

Natural gas for June delivery settled 6.5 cents, or 1.5%, lower, at $4.181 per million British thermal units on the New York Mercantile Exchange.

The U.S. Oil Fund (USO) dropped 4.2 percent to closed at $39.35, the Energy Select Sector SPDR Fund (XLE) was down 2.9 percent to close at $74.28, and the U.S. gasoline fund LP (UGA) plunged 6.4 percent to close at $51.44.

Chevron Corporation participates in petroleum, chemicals, mining, power generation, and energy operations around the world.

Chevron (CVX) closed Wednesday at $102.26, down $2.10, or 2.10 percent.