Exxon profit sinks on slumping oil demand

Exxon Mobil Corp, the world's largest publicly traded company, posted a 58 percent drop in quarterly profit, missing Wall Street estimates, as the global recession sliced into demand for crude oil and depressed prices.

Exxon and other energy companies have seen oil and gas prices fall sharply from peaks last summer as consumption wanes and supplies swell.

Crude oil in the first quarter averaged just over $43 per barrel, down 56 percent from the same quarter a year before, while the average price of natural gas in the United States slid 44 percent.

Read Full Article from Reuters

- Posted: 2009-04-30 08:28:37

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