Exxon Mobil Corporation gapped up almost 3 percent higher on Thursday morning but immediately ran into a group of sellers, which dropped the stock down 1.6 percent at press time. Brent crude oil prices jumped 8.99 percent to over $105 a barrel at 5 a.m. EST, after Russian troops began a full-scale invasion of Ukraine overnight. Russia’s aggression against its neighbor will be met with harsh sanctions from the west and because Russia is a top oil producer the sanctions are likely to stiffen the global energy supply. The rise in crude prices will also affect domestic prices and contribute further to the global rising inflation crisis. Crude oil prices may continue to surge until the market can digest the extent of the economic consequences of this war. If that happens, Exxon Mobil is likely to follow but first, the stock needs to complete its consolidation pattern. The Exxon Chart Between Dec. …
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