Why Chevron and Other Oil Stocks Popped Today
As winds howl, temperatures drop, and Wall Street prepares to close down for Christmas, energy investors are having a good day on Friday.
WTI crude oil prices have climbed 2.9% through 12:20 a.m. ET and are closing on $80 a barrel, while Brent Crude is up 3.2%, at about $83.50. Responding to the increased value of their stock, shares of U.S. oil majors ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP) are gaining 2.3%, 3%, and 4.2%, respectively.
The question is: How long will these higher oil prices last, and will they last long enough to produce excess profits for Exxon, Chevron, and ConocoPhillips to justify their higher share prices? And that question remains in some doubt.
Source Fool.com
