Chevron's stock heads for first drop in 9 days, as crude oil prices pull back

Shares of Chevron Corp. CVX, -2.50% dropped 2.6% in morning trading Wednesday, putting them on track to snap a long losing streak, as hopes for some easing of Russia’s military attack on Ukraine triggered a pullback in crude oil prices. Chevron’s stock was the biggest decliner, of the only 2 of 30 Dow Jones Industrial Average DJIA, +1.15% components losing ground. The oil giant’s stock had soared 26.5% over the past eight sessions to Tuesday’s record close of $170.53, as continuous crude oil futures CL00, +2.89% shot up 33.2% over the same time to a 14-year high on Tuesday. On Wednesday, crude oil futures fell 5.1%. Chevron shares’ eight-session win streak was the longest stretch of gains since the nine-day stretch that ended on Sept. 25, 2017. Chevron’s stock has still run up 40.6% over the past three months, while crude oil futures have soared 65.4% and the Dow has slipped 7.0%.