Oil in a Tailspin; Explorers and Servicers Plunge
May 30, 2012 at 12:20 PM EDT
Oil stocks are leading the market lower today as crude futures plunge. Nymex crude futures fell 3.2% to $87.88 per barrel in midday trading. Oil service companies, which are particularly sensitive to shifts in oil prices, are falling hard. Investors worry that a drop in prices will convince explorers to cut back on projects, which [...]