US Stock Market Move | Oil stocks generally fell, Occidental Petroleum Corporation (OXY.US) dropped more than 2%

On Wednesday, oil stocks fell across the board, with Occidental Petroleum Corporation (OXY.US) and Imperial Oil Limited (IMO.US) both dropping over 2%, while ConocoPhillips (COP.US) and Chevron Corporation (CVX.US) fell by 2%. WTI crude oil fell below $70 per barrel, dropping by 4.40% intraday. On the news front, both Washington and Tehran have indicated that they have made some initial progress in negotiations. However, the negotiations are expected to continue for a longer period, with significant differences still existing in the interpretation of the negotiation results. The recent recovery in oil transportation through the Strait of Hormuz also indicates an improvement in supply. The International Energy Agency estimates that the current crude oil export volume of the United Arab Emirates has recovered to nearly 85% of pre-war levels.