Valero Energy Falls as Goldman Removes Conviction Buy Label

Valero Energy Corp., the biggest U.S. refiner, fell on Friday after Goldman Sachs analysts took the company of their conviction buy list.

Shares of San Antonio-based Valero Energy fell $1.71, or 3.70 percent to $44.56 after Goldman analysts led by Arjun Murti raised concerns that other analysts may lower their profit estimates for the company in the second quarter.

Goldman retained the company's buy rating on the stock.

Oil refiners have been hurt by the high prices of crude oil as the dollar has weakened against the euro.

Investors looking for a hedge against the currency have driven up commodity prices. Today oil rose as high as $126.27, the highest since oil futures began trading in 28 years. Oil settled up $2.50, or 2.02 percent, to end at $126.19 on the New York Stock Exchange.