Monday, May 24, 2010

Oil Prices Today: BP (NYSE:BP) Leads In Falling Percentages

BP (NYSE:BP) is getting hit hard with criticism, anger, and rising doubt, but they're feeling it hardest in stock prices among oil companies. As of Monday BP has fallen to a 52 week low.

BP's shares have fallen another 4 percent at the open bringing it to $42.08. Bringing the New York Stock Exchange Arca oil index down 1.7 percent to 948 points. Royal Dutch Shell shares are also feeling the heat at a 2.4 percent drop at $51.52.

Transocean has also hit a 52 week low dropping 2.2 percent at $57.95. With Transocean being the biggest percent decliner, its put the Philadelphia Oil Service Sector Index down 1 percent to 176 points.

There is not much optimism of if and when these percentages will increase.

To add to the loss, crude oil price were low overnight. Though the July crude features contract bounced back from the overnight low of $69.55 a barrell to $70.23 a barrell. That's a 19 cent increase on the New York Mercantile Exchange.

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