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Within the integrated oil major sector, Bank of America has moved to draw a sharper distinction between its two largest American names.
The bank downgraded Exxon Mobil (XOM) to neutral while maintaining a buy rating on Chevron (CVX).
The split verdict is a relative-value call inside a sector where the demand environment and capital allocation discipline increasingly separate one major from another.
A relative call, not a sector call The divergence in Bank of America's ratings is best read as a positioning call within the sector rather than a directional view on crude.
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