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Exxon Mobil (XOM) Stock Slides as Oil Prices Decline

NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) were slipping in mid-afternoon trading on Friday as oil prices retreated on a stronger dollar.

Oil, priced in the greenback, tends to fall when the U.S. dollar advances as it becomes more expensive to foreign investors.

Additionally, the Baker Hughes (BHI) weekly rig count released this afternoon showed that U.S. drillers added 11 rigs last week to total 508 active rigs.
The oil market has struggled recently under concerns over a growing global oversupply, and Morgan Stanley said on...


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