BP plc BP, Exxon Mobil Corp XOM, Marathon Oil Corp MRO, Occidental Petroleum Corporation OXY and Shell PLC SHEL shares are all trading sharply lower Wednesday afternoon.
The move in energy stocks comes amid increased uncertainty in the banking sector after Saudi’s SNB said it can’t provide further money to Credit Suisse because it can’t go above 10% ownership. Investors fear of a potential financial crisis, which could have a negative impact on oil demand.
So What’s Going On With Credit Suisse?
The renewed selling in Credit Suisse came on the back of its biggest investor, Saudi National Bank, stating that it would not buy additional shares in Credit Suisse, Reuters reported.
The Saudi bank reportedly said regulatory guidelines do not allow it to invest in over 10% of an entity. Reuters reported that the Middle East bank’s stake in Credit Suisse is tantalizingly close to the mark…Read More
According to data from Benzinga Pro:
- BP is trading lower by 7.35% to $35.44
- XOM is lower by 5.55% to $100.97
- MRO is lower by 10.05% to $20.90
- OXY is lower by 5.96% to $56.60
- SHEL is lower by 7.32% to $55.05
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Be First to Comment