NEW YORK (TheStreet) -- Exxon Mobil (XOM) shares are up 1.5% to $94.75 in trading on Tuesday following reports that OPEC producers expect the price of a barrel of crude to go up to between $70 and $80 by the end of next year.
Oil prices have fallen dramatically recently after oil producing countries in the cartel, led by Saudi Arabia, decided to maintain production levels. That's despite high levels of supply in the market due to increased competition from U.S. shale and the desire to increase it's market share.
OPEC delegates also said that they do not expect to see oil hit $100 a barrel again anytime soon, according to Reuters.
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TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."