A slippery trade: oil slump proves bears right 4:03pm EST [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
A slippery trade: oil slump proves bears right | Reuters 5 Min Read LONDON (Reuters) - The latest collapse in oil prices has proved some investors right in their lack of confidence in energy stocks this year. Crude prices surged to a four-year high early in 2018 as tensions with Iran and OPEC supply cuts raised concerns that global oil supply was dwindling. But the narrative has flipped since October as worries over a global trade war and rising U.S. shale oil production mounted, driving oil to a one-year low on Friday. Brent crude is down to $60 a barrel from a peak of $85 in early October. While oil majors have gone some way to cleaning up their balance sheets since the 2014 oil price collapse, their shares are still sensitive to moves in the underlying commodity - higher crude spells stronger revenues. When prices were climbing earlier this year, big banks were recommending investors buy back into the sector. Many, especially in Europe, followed that advice. But given the latest fa
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