What’s Going On With Exxon Mobil Shares Today

• Exxon Mobil Corp (NASDAQ: XOM) shares gained Monday as Goldman Sachs Group, Inc (NYSE: 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.

• 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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