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12 June 2018 By Lauren Silva Laughlin Follow @TheRealLSL

The $350 bln oil giant is bulking up in energy trading by poaching several veteran dealers from rivals. It could help mitigate fluctuations in the price of the commodity. But it also adds risk and opacity just as investors want otherwise, and does nothing for diversification.

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Exxon Mobil has recently hired BHP Billiton trader Nelson Lee as the $350 billion oil giant pushes further into energy trading, according to a June 12 Reuters report that cited executive recruiters and people familiar with the business. The company also recently hired John Masek from Glencore, the world’s largest gasoline-trading firm, and Paul Butcher, who worked at BP as well as added specialists to the London and Singapore offices.

The price of a barrel of West Texas Intermediate crude oil has risen more than 40 percent in the past year to close at $66.10 on June 11, but has fallen nearly 9 percent since late May.

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