Exxon Mobil Corp (NYSE:XOM) shares are trading lower by 2.72% to $82.51 Wednesday morning. Shares of energy companies are trading lower again Wednesday amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.
Per CNBC, West Texas Intermediate (WTI) crude is trading below $100 this week for the first time since May 11. At last check, WTI crude is lower by 3.69% to $95.87.
Shares of energy companies were also trading lower last week after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices.
Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
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According to data from Benzinga Pro, Exxon Mobil has a 52-week high of $105.57 and a 52-week low of $52.10.