Bearish mood pushes Exxon Mobil to session low of $104.71

Yesterday at a glance: the US oil and gas giant dropped 1.79% early on and traded close to the $105.66 level.

United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release of 0%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.

Exxon Mobil was not the only decliner in the energy sector; BP withdraws 1.89% yesterday to close at $36.04. Chevron lost 1.72% yesterday and closed at $154.56.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0%, following on from the preceding figure of 0.3%. New data is set to be published today at 12:30 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Apr) will be released today at 12:30 UTC.

Approximately 3 months ago, the US oil and gas giant reached a significant high of $119.17 but has struggled to hold onto its gains and declined 9.72% since then.