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Brent drops back after Exon Mobil misses on Revenue target but does it really matter?

A short while ago the US petroleum giant, Exxon Mobil revealed their Q3 earnings. The company missed on Q3 revenue by some $4 billion ($90.02 billion versus expected $94.2 billon). Granted the EPS was improved slightly to $1.92. Brent crude which had risen further since the last update here, was already on the way lower when these results emerged. Earlier Brent for January delivery had peaked at $74.94. It has since dropped towards $74.15 after these Exxon results. To be honest though, whilst Exon earnings surely reflect the oil price falls most recently, they do not in themselves dictate the underlying demand/supply equation. So, whatever falls seen right now, they may not count, if news elsewhere delivers further demand in the short term 
 

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