Oil and gas stocks witnessed a terrific rally this year as the reopening of the economy revived demand. Moreover, the Russia-Ukraine war triggered a major spike in oil and gas prices and further benefited these stocks. However, the Fed's decision to hike interest rates to tame inflation is expected to drive the economy into recession and adversely impact fuel demand, which has the potential to harm XOM's stock momentum. Exxon Mobil (NYSE: XOM) stock has advanced 43% year-to-date. However, the stock fell 12.3% over the past month as oil prices were volatile amid fears of a looming recession.
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Exxon Mobil (NYSE:XOM)
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Exxon Mobil (NYSE:XOM)
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