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OPEC, which produces up to 40% of the world’s oil, started curtailing production in 2023, in a bid to stabilize prices when economic growth was slowing. The decision at the time drew criticism from the U.S. , which accused the group of indirectly supporting Russia’s invasion of Ukraine by keeping oil prices high. If prices rise towards $80 or higher, that earnings growth would allow Exxon's free cash flow to accelerate quickly, creating upside for both income-oriented and growth-minded investors. Crude oil stock price slid to $77.85 as stronger non-energy commodities pulled investment flows away from oil futures. Weak volume signals muted short-term rally potential.
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