- 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.
- 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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