Exxon Drops Most in 11 Years After Oil Market Disintegrates
- Trading halts imposed shortly after U.S. stock markets open
- OPEC+ collapse aggravates energy sector already on viral edge
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Exxon Mobil Corp. shares tumbled the most since October 2008 after the collapse of the OPEC+ alliance and the spread of coronavirus plunged global energy markets into disarray.
Trading in S&P 500 Index companies was halted within minutes of Monday’s opening. For Exxon, the plunge pushed its market value to the lowest since its historic Mobil Corp. takeover in 1999.