4/7/2020, 1:51 PM (Source: TeleTrader)
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Exxon cuts spending by 30% amid virus crisis

Exxon Mobil Corp. reduced its investment budged on Tuesday by 30% as the global demand for crude oil significantly lowered due to the coronavirus pandemic.

The American oil company originally expected to spend up to $33 billion through its multi-year expansion plan. Due to the ongoing crisis, however, Exxon revealed it will reduce capital expenditure for the current year by $10 billion.

Meanwhile, Exxon's stocks gained 5.14% in today's premarket trade, following the rising oil prices.

Breaking the News / ND