NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) are declining, lower by 1.85% to $92.08 in midday trading Monday, as oil is trading at a five-year low after analysts at Morgan Stanley lowered their 2015 forecast for Brent crude this morning, CNBC reports.
The firm cited oversupply, saying crude prices could fall to $53 per barrel in 2015. Its base case scenario is for $70, lower than its previous estimate of $98.
Crude has declined by about 40% percent since June as Brent futures continue to fall, down 4.13% to $66.22 today -- its lowest level since October 2009.
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Oil prices plunged last week after European Central Bank president Mario Draghi said the bank would leave its rates unchanged, Business Insider reported.
Also, the Organization of the Petroleum Exporting Countries decided to keep its output ceiling instead of cutting production to boost prices, Bloomberg reported.
OPEC's decision means that oil will remain oversupplied through the beginning of 2015, and prices could remain low for longer than expected, the Wall Street Journal reported.
Irving, TX-based ExxonMobil is scheduled to present its 2015 Outlook for Energy: A View to 2040 tomorrow from 1 p.m. to 2 p.m. eastern. The Outlook for Energy, updated every year, is the company's long-term global view of energy demand and supply.
Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: