NEW YORK (TheStreet) -- Shares of Exxon Mobil Corp (XOM) are slipping, down 0.28% to $85.11 in midday trading Monday, as oil prices slip in the red on concerns that production by the Organization of the Petroleum Exporting Countries would remain high, Reuters reports.
A Reuters survey showed that OPEC churned out a two and a half year high of 31.22 million barrels of oil per day during the month of May amid the global supply surplus.
In addition, factors including the slowing growth in China and the rise in oil production in Saudi Arabia are also weighing down oil prices, Reuters added.
July Brent crude fell by 1.36% to $64.67 a barrel as of 12:20 p.m. ET today, while U.S. crude for July delivery was similarly down 1.06% to $59.66 a barrel as of 12:19 p.m. ET.
Irving, Texas-based ExxonMobil is the largest publicly traded international oil and gas company and holds an industry-leading inventory of resources.
The company is the largest refiner and marketer of petroleum products.
Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow."