The results reflected the slowly improving dynamics for the company as well as the global energy industry, with oil prices up more than 50% since early 2015.
ExxonMobil Corp. (NYSE: XOM), the world’s largest publicly traded oil producer, posted a better-than-expected quarterly profit on April 28, helped by rising crude prices and cost cuts.
ExxonMobil’s U.S. oil and gas division posted a loss.
Plant repair costs pushed earnings down in the company’s chemical division, which had kept ExxonMobil profitable during the two-year oil price downturn.
Net income jumped to $4.01 billion, or 95 cents per share, from $1.81 billion, or 43 cents per share, in the year-ago quarter.
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Chart created using Trading View CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices have stalled at trend support guiding the move higher since August 2016.
The WTI benchmark retreated alongside stock prices, erasing prior gains to finish the day little-changed.
Not surprisingly, gold prices rose as the markets digested the Trump team’s proposal.
GOLD TECHNICAL ANALYSIS – Gold prices are in digestion mode having slid to a two-week low after topping below the $1300/oz figure, as expected.
If risk aversion spreads market-wide, a drop in bond yields may see gold recover further.
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World Bank Maintains Oil Price Forecast At $55
In its latest Commodity Markets Outlook, the World Bank maintained its Q1 forecast for oil prices at $55 a barrel, saying, however, that overall energy prices will increase 26 percent in 2017.
In that, the institution differs from some energy analysts who are markedly bearish on oil prices.
Based on this optimism, the World Bank expects crude prices to reach $60 a barrel next year – the price level that Middle Eastern producers would like to see sooner rather than later.
Related: Iceland Geothermal Project Completes Deep Drilling In VolcanoIn the first quarter, the World Bank noted that overall energy prices increased by 6 percent, largely on the back of improving oil prices, which added 8 percent in the period.
The WB is overall optimistic for oil, expecting supply to tighten in the current quarter as OPEC and non-OPEC production cuts start to affect global supply.