The energy stocks are one of the weaker industry groups today. This important sector is trading lower as the price of oil continues to fall. Traders can easily see that the United States Oil Fund (NYSEARCA:USO) is trading lower by 0.45 cents to $30.04 a share. This is a new four month low for the popular oil ETF.
One of the leading energy stocks that are coming under selling pressure today is Chevron Corp (NYSE:CVX). This morning, CVX stock is declining lower by 0.72 cents to $102.90 a share. Short term traders should watch for intra-day support around the $101.90 level.
Some other leading energy stocks that are declining lower today include ConocoPhillips (NYSE:COP), Devon Energy Corp (NYSE:DVN), and Suncor Energy Inc (NYSE:SU). All of these stocks could see intra-day bounces if the U.S. Dollar Index pulls back. Generally, the energy stocks will trade inverse to the U.S. Dollar.
