WTI crude is down by 4.85% to $30.63 per barrel on the New York Mercantile Exchange, while Brent crude is declining by 4.07% to $30.87 per barrel on the Intercontinental Exchange this afternoon.
Iraq produced a record amount of oil last month, with output in some regions reaching 4.13 million barrels per day, the country's oil ministry told Reuters.
"The news that Iraq has probably hit another record builds on the oversupply sentiment," ABN Amro senior energy economist Hans van Cleef said to Reuters. "The oversupply will keep markets depressed and prices low, and on the other hand short positions are in excessive territory."
Irving, TX-based Exxon Mobil is an energy company that produces crude oil and natural gas, and manufactures and transports petroleum products.
Separately, Exxon Mobil has a "hold" rating and a letter grade of C because of the company's reasonable valuation levels, largely solid financial position, a generally disappointing stock performance, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: XOM
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