- Exxon Mobil's share prices are near the lowest in a year.
- Oil prices have failed to recover despite a fall in Libyan production.
- Growing concerns about the environment have been weighing on petrol companies.
Exxon Mobil Corp. (NYSE: XOM) is trading around $68 at the time of writing, close to the 52-week lows of $66.30. The major oil producer has seen its price fall from a peak of $83.49 in the past year.
World leaders, including President Donald Trump – who took the US out of the Paris Climate Accord – are gathered in Davos, Switzerland. Another high-profile participant is Greta Thunberg, the Swedish teenage activist that has inspired the world. Her activity – alongside bushfires, superstorms, and other disasters linked to the climate crisis – have triggered action from governments that aim to stray away from fossil fuels.
The most significant direct descendant of John D. Rockefeller's venture has been struggling with the move toward renewables. Ursula von der Leyen, the new President of the European Commission, has launched the European Green Deal – a €1 trillion project aimed to make the old continent carbon-neutral by 2050. The British government's aim is even more ambitious.
NYSE:XOM Stock Price
Exxon had a better start to 2020. When the US killed top Iranian general Qassem Suleimani, fears of a war in the Persian Gulf triggered a shock to oil prices. The Irving Texas-based firm's equity rose alongside its peers. However, the dust settled quickly, and so did prices of the black gold.
Below $66.30, XON's price would reach the lowest since 2010, before the Arab Spring sent petrol prices to the roof. Bears will strive for a move below $66.30, while bulls may aim to break above the January peak of $70.90.
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