Why ExxonMobil Stock Is Slumping Today
Shares of ExxonMobil (NYSE: XOM) were down by around 5% as of 10:30 a.m. ET on Monday. Several factors are weighing on the oil stock, including slightly lower crude prices, a steep sell-off in the stock market, and some criticism of the company from President Biden late last week.
Oil prices were taking a breather Monday morning. West Texas Intermediate, the U.S. benchmark crude variety, was down more than 2% in morning trading, falling below $118 a barrel.
Several factors are weighing on the price of oil. Chinese authorities said this weekend that they will conduct mass COVID-19 testing in Beijing following an outbreak tied to a nightclub, and China had already begun mass testing in Shanghai, the nation's commercial hub. This has led some to expect that the world's second-largest oil consumer might institute a new series of pandemic lockdowns, which could reduce global demand for oil.
Source Fool.com
