Exxon Mobil (XOM) hits new 52-week low as oil continues to fall


Shares of Exxon Mobil (NYSE: XOM) fell to set another fresh 52-week low today, as oil continues to fall.

Shares of Exxon have traded down as low as $58.30 earlier in the session, and headed into the afternoon session, the stock has rebounded a bit, but is still trading down 8.7% to $62.20, down $5.80 on the day.

It's been a tough week for the stock, which is now down around 21% from its close last Friday.

As recession fears continue to spread, oil has been moving steadily lower, and once again today the precious crude is down, falling another $5.82 a barrel to $80.77, and was under the psychological $80 earlier in the day, trading all the way to $78.61 earlier in the session.


How low oil will fall remains to be seen. I personally don't see oil falling below the low $70's, but there are plenty of analysts out there that would disagree with me, and I have read several reports recently of experts predicting oil down closer to the $50 mark. Time will tell, but should the global economic landscape continue to erode, I may be changing my tune sooner than later.

Just how bad has the past few months been for oil giant Exxon? Let's close by taking a look at a 12-month chart on the stock so you can see in graphical terms just how hard the mighty have fallen:



Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.

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