Thus, it’s been notoriously difficult to predict which direction oil will move, based on a myriad of supply and demand factors.This year has shown as much, with investors backing away from XOM stock, due to a range of generally bearish macro conditions. Exxon Mobil (XOM) Source: Jonathan Weiss / Shutterstock.com Exxon Mobil (NYSE:XOM) stock continues to move higher, though it has cooled somewhat over the past few months. Thus, XOM stock may appear more diversified in the minds of many investors, and still offers upside to the price of oil, for those worried about inflationary forces.