Exxon CEO says there is still a large overhang of oil inventories...
May 28, 2009 Article from: The Wall Street Journal Exxon CEO says oil demand still flat
EXXON Mobil's top executive said he suspects a recent $US10 a barrel jump in oil prices was due partly to investors anticipating a recovery, but that it was "too early to call" whether the US economy had turned a corner.
Speaking to reporters after the Exxon annual shareholder meeting, chairman and chief executive Rex Tillerson said that oil-market fundamentals hadn't changed much since the beginning of the year. There has been no significant change in demand, he noted, and there is still a large overhang of oil inventories. Foreign-exchange fluctuations have contributed to the rise in oil prices, he said, as well as market momentum.