Why Oil Stocks Plummeted in April
Shares of large-cap oil and gas majors Chevron (NYSE: CVX), APA Corporation (NASDAQ: APA), and oilfield service provider (NYSE: HAL) fell hard in April, down 18.7%, 26.1%, and 21.9%, respectively, according to data from S&P Global Market Intelligence.
Of the three stocks, only Halliburton reported earnings during the month. But that was largely inconsequential to the price decline, as the across-the-board sector declines came on the heels of the biggest monthly decline in oil prices since November 2021.
The price of Brent and WTI oil dropped 15% and 18%, respectively, in the month of April, according to CNBC. That's actually the largest one-month decline in oil since November 2021. Thus, it's no wonder these three stocks, which are all levered to the price of oil to some degree, fell in tandem.
Source Fool.com
