Exxon and Chevron Warn Oil Prices May Rise Sharply in Coming Weeks
Executives at ExxonMobil (XOM) and Chevron (CVX) have warned that oil prices could surge over the next two months as global oil stockpiles continue to deplete due to supply disruptions from the Strait of Hormuz closure. Brent crude has dropped recently but remains up more than 50% year-to-date, with Goldman Sachs estimating a record drawdown of 8.7 million barrels per day.
