A potential escalation of geopolitical tensions and fears of a supply shock arising out of OPEC+’s oil supply cuts through the first half of the year, and Russian refinery disruptions following Ukraine’s recent drone attacks have boosted crude oil prices lately. However, oil prices are showing signs of softness due to concerns over global demand.
Amid this uncertain backdrop, it could be wise to wait for an opportune entry point in Occidental Petroleum Corporation (OXY) and Exxon Mobil Corporation (XOM). Before diving deeper into the fundamentals of these stocks, let’s understand what’s leading to the uncertain outlook for oil.
