Why Exxon Mobil Is Falling Today
Shares of Exxon Mobil (NYSE: XOM) were falling 2.8% at 10:58 a.m. Friday after pricing for West Texas Intermediate (WTI) tumbled as inventories of crude oil rose and the economic outlook became dicier.
Higher-than-expected economic metrics, such as the Producer Price Index, raised the specter of the Federal Reserve continuing its aggressive policy of raising interest rates, which could push the economy into a recession. The pending release of more oil from the Strategic Petroleum Reserve (SPR) and higher-than-anticipated inventories pushed WTI prices down to about $75 per barrel, a 3.5% decline from yesterday.
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Source Fool.com
