- ExxonMobil Corp XOM Stocks gained on Monday as Goldman Sachs Group, Inc GS reiterated its forecast for Brent prices of $95 by December 2023 and $100 by April 2024, despite the recent sharp drop in oil prices.
- The company forecasts that supply deficits are likely to widen in the second half of the year.
- The current sell-off was mainly driven by recessionary demand fears, the US banking crisis and reports of increased oil production in Russia, Iran and other OPEC nations.
- A further increase in demand in the emerging markets together with OPEC cuts will lead to bottlenecks in the oil supply in the second half of the year, according to Goldman Sachs.
- Reports last week indicated that Exxon Mobil is backing oil exploration in Brazil because of its good rocks, good trading conditions, stable finances, and technological progress.
- Price promotion: XOM shares traded up 0.86% to $109.61 on the latest check Monday.
- Photo via Wikimedia Commons
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