Oil prices dropped over $5 a barrel due to concerns about higher interest rates impacting economic growth. This unexpected decline came after prices had recently approached $100 a barrel. Higher interest rates could negatively impact oil demand and trim growth prospects in the short term. The US Energy Information Administration reported an increase in petrol stocks and a decrease in crude stocks. Energy stocks, including ConocoPhillips, ExxonMobil, and Chevron, had a poor performance in the S&P 500 stock index, with all three companies experiencing significant drops.
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00:00 It's Benzinga and here's what's on the block.
00:02 Oil prices dropped over $5 a barrel due to concerns about higher interest rates impacting
00:07 economic growth.
00:08 This unexpected decline came after prices had recently approached $100 a barrel.
00:13 Higher interest rates could negatively impact oil demand and trim growth prospects in the
00:17 short term.
00:18 The U.S. Energy Information Administration reported an increase in petrol stocks and
00:22 a decrease in crude stocks.
00:24 Energy stocks, including ConocoPhillips, ExxonMobil, and Chevron, had a poor performance in the
00:29 S&P 500 stock index, with all three companies experiencing significant drops.
00:34 For all things money, visit Benzinga.com.
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