That brought economic recession and a decrease in both demand and price of oil
Later, XOM established a double bottom after retesting the lows of the pandemic
And now it is surging.
I think that buying XOM is a bet on the economic recovery
Which will happen eventually
The target of 65-67$ is very realistic
As this is the minimum of what the company should be worth without outperforming
I would say, that 65$ is the price which will be achieved by just getting the demand for oil back to normal
Without any further increase in oil prices. (As there is plenty of ready to go supply, so the new demand will be covered easily and so the oil price will remain stable as the oil companies revenue will grow!
Therefore, Long XOM.
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