Oil Prices Spike By Over 3% As OPEC+ Delays Production Increases Ahead Of US Elections: 5 Energy ETFs To Watch Monday
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 04 2024
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Source: Benzinga
OPEC+ Production Decisions: Oil prices rose significantly as OPEC+ decided to delay a planned production increase, maintaining a cut of 2.2 million barrels per day due to market weakness and sluggish demand, with WTI crude reaching $71.50 per barrel.
Impact of U.S. Sanctions Policy: The outcome of the upcoming U.S. presidential election could influence oil supply dynamics, particularly regarding sanctions on countries like Russia, Iran, and Venezuela, which are key players in the global oil market.
Analyst Views on XOP
Wall Street analysts forecast XOP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XOP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 134.530
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Current: 134.530
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
