Oil companies have lost $193 billion in value this week

While the world’s equity markets are suffering, the oil companies are even more miserable due to crumbling crude prices and some disappointing earnings. The 83-member MSCI World Energy Sector Index is having its worst week in two years with a 7.2 percent decline — a sharper drop than the wider market and wiping off $193 billion of value. Exxon Mobil Corp. has slumped 15 percent since the day before it announced profit and production that missed estimates, and BP Plc and Total SA weren’t spared from the rout even after they beat analysts’ forecasts.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

 Varchev Traders

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