Conoco (COP) Remains Level as Oil Continues to Plunge in Price

The falling price of oil didn't have an impact the share price of the oil giant ConocoPhillips (NYSE:COP) Monday, as crude futures continue to move downward in May. The company has traded level since the shares got hit hard last Wednesday.

U.S. crude futures were down 2.3 percent and gasoline futures dropped 5 percent to hit a nine-week low as worries mounted about high prices squelching energy demand and the fragile economy weigh on the industry.

Crude futures have fallen close to 15 percent so far on the month.

Oil futures were down 2.3 percent to $97.37 a barrel in New York. June Brent fell to $112.87, down 1 percent for Monday.

Gasoline futures for June delivery declined 14 cents, or 5.01 percent, to end the session at $2.93 a gallon, the lowest close since March 16.

U.S. gasoline at the retail level fell to $3.955 Monday from $3.961 Sunday. Diesel prices dropped $4.123 from $4.127.

June natural gas closed up 7 cents, or 1.7 percent, at $4.32 per million British thermal units. Natural gas prices were up on concerns flooding in Louisiana may cut back on supply.

Heating oil futures were down Monday, with the June heating oil contract closing at $2.87 a gallon, down 7 cents, or 2.3 percent.

ConocoPhillips operates as an integrated energy company around the world.

Conoco (COP) closed Monday at $71.43, closing the same as on Friday.