Exxon Mobil Corp (NYSE:XOM) shares are trading lower by 2.42% to $85.43 during Tuesday's trading session. Shares of energy companies are trading lower amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.
Shares of energy companies were also trading lower last week after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices.
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Shares of smallcap oil penny stocks have seen marked volatility in recent months due to supply concerns. Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.