Oil stocks are tanking amid a broader market selloff, as Wall Street responds to stubbornly high inflation that is expected to lead to more Federal Reserve policy tightening. With a New York Fed survey showing longer-term inflation expectations that indicate potential weaker growth and recession, Wall Street is showing less appetite for risk, while oil prices have shed nearly 6% today on concerns of China’s COVID lockdowns.
Exxon is down nearly 7.4% as of 2:00 p.m. EST, while Chevron has shed 6.47%, BP is down 5.8%…Oil Stocks Plummet As Broader Markets Tanks
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