Permian Resources Corp (PR) saw its stock plummet by 5.06% in the intraday trading session on Tuesday, March 4th, amid a broader decline in oil and energy stocks.
The drop in Permian Resources' share price was driven by a combination of factors impacting the oil market. Oil prices extended their losses after reports emerged that OPEC+ will proceed with a planned increase in output in April, adding to the global supply glut.
Furthermore, escalating trade tensions and geopolitical uncertainties weighed on investor sentiment. The U.S. imposed new tariffs on Canada, Mexico, and China, with Beijing retaliating with its own tariffs. Additionally, President Trump's decision to pause all U.S. military aid to Ukraine following his clash with President Zelenskiy added to the market's volatility.
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