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  • lilcyberbully lilcyberbully May 27, 2009 8:44 PM Flag

    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.

    http://www.theaustralian.news.com.au/business/story/0,28124,25549964-36418,00.html

 
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