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Wednesday, June 12, 2024

What’s Going On With Exxon Mobil (XOM) Shares Today – Exxon Mobil (NYSE:XOM)

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  • Exxon Mobil Corp XOM shares gained Monday as Goldman Sachs Group, Inc GS reiterated its forecast for Brent prices at $95 by December 2023 and $100 for April 2024 despite the sharp declines in oil prices lately.
  • The firm predicts that supply deficits will likely surge in the second half of the year.
  • The current selloff was driven mainly by recessionary fears about demand, the U.S. banking crisis, and reports about increased oil production in Russia, Iran, and other OPEC nations.
  • Further increases in emerging market demand, along with OPEC cuts, will result in oil supply shortfalls in the second half of the year, according to Goldman Sachs.
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  • Last week reports suggested Exxon Mobil is not giving up on oil exploration in Brazil because of its good rocks, good commercial terms, stable fiscals, and technological advancement.
  • Price Action: XOM shares traded higher by 0.86% at $109.61 on the last check Monday.
  • Photo via Wikimedia Commons

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