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Feb 04, 2019
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Oil slides again after hitting two-month high

Global oil prices fell again on Monday after U.S. data sparked fresh concerns about a slowdown in the global economy and rising crude supplies in the United States.

Over the past couple of weeks, oil markets experienced a positive outcome as prices rose to $64 a barrel, following supply cuts by the OPEC countries, especially Saudi Arabia, as well as sanctions against Venezuela’s oil exports.

But this rise was short-lived as prices fell again on Monday.

Brent crude oil, the global benchmark for oil, had hit $63.30 a barrel before the start of the trade on Monday – the highest since early December, but as the trading started Brent lost 24 cents to stand at $62.51 around 1:30 p.m. ET.

On the other hand, West Texas Intermediate crude also experienced its best intra-day high of $55.75, since November 21, 2018. But it was down by 75 cents or 1.4% to stand at $54.51 around 1:30 p.m. ET.  

According to market analysts, it is possible that the currency strength of the U.S dollar is responsible for this fall in oil prices, as it gets more expensive for holders in others currencies whose strength does not match up.

Further, persistent trade dispute between U.S and China may also be responsible for the pressure on oil prices, according to some analysts. However, this is somewhat foiled by the OPEC deal of cutting down excess oil supplies as well as sanctions on Venezuela’s exports.

Related Ticker: COP

COP's RSI Indicator climbs out of oversold territory

The RSI Oscillator for COP moved out of oversold territory on August 06, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 22 similar instances when the indicator left oversold territory. In of the 22 cases the stock moved higher. This puts the odds of a move higher at .

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Notable companies

The most notable companies in this group are ConocoPhillips (NYSE:COP), Canadian Natural Resources Limited (NYSE:CNQ), EOG Resources (NYSE:EOG), Occidental Petroleum Corp (NYSE:OXY), Hess Corp (NYSE:HES), Diamondback Energy (NASDAQ:FANG), Devon Energy Corp (NYSE:DVN), EQT Corp (NYSE:EQT), Marathon Oil Corp (NYSE:MRO), Chesapeake Energy Corp (NASDAQ:CHK).

Industry description

The oil and gas production segment includes companies that specialize in exploration, development, and production of oil and natural gas. These companies are focused on upstream operations. Companies typically identify deposits, drill wells, and extract raw materials from underground. The industry also includes related services like rig operations, feasibility studies, machinery rentals etc. Several operators in this industry work with various types of contractors such as engineering procurement and construction contractors, as well as with joint-venture partners and oil field service companies. Oil and gas often involves large fixed costs of production; so, declining crude oil prices, for example, is a potential negative for this industry. Conoco Phillips, EOG Resources, Inc. and Pioneer Natural Resources Company are some examples of companies operating in this space.

Market Cap

The average market capitalization across the Oil & Gas Production Industry is 3.93B. The market cap for tickers in the group ranges from 3.28K to 151.38B. COP holds the highest valuation in this group at 151.38B. The lowest valued company is PSTRQ at 3.28K.

High and low price notable news

The average weekly price growth across all stocks in the Oil & Gas Production Industry was -5%. For the same Industry, the average monthly price growth was -2%, and the average quarterly price growth was -3%. ALTX experienced the highest price growth at 25%, while PSUD experienced the biggest fall at -52%.

Volume

The average weekly volume growth across all stocks in the Oil & Gas Production Industry was 35%. For the same stocks of the Industry, the average monthly volume growth was -9% and the average quarterly volume growth was 7%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 54
P/E Growth Rating: 58
Price Growth Rating: 63
SMR Rating: 76
Profit Risk Rating: 74
Seasonality Score: 0 (-100 ... +100)
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General Information

a producer of wholesales oil and natural gas

Industry OilGasProduction

Profile
Fundamentals
Details
Industry
Oil And Gas Production
Address
925 North Eldridge Parkway
Phone
+1 281 293-1000
Employees
9900
Web
https://www.conocophillips.com
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