Why ExxonMobil Stock Is Rallying Today
Shares of ExxonMobil (NYSE: XOM) jumped as much as 5.5% by 3 p.m. EST on Thursday. Fueling the oil stock were higher oil prices and increasing bullishness among Wall Street analysts.
Oil prices continued their recent rally today. WTI, the U.S. oil price benchmark, was up more than 1% to $54.50 a barrel, while Brent, the global oil benchmark, rose about 0.5% to more than $56 a barrel. That continued crude oil's recent climb as WTI is now up more than 10% in 2021 and at its highest level since last February. Those higher oil prices are great news for Exxon and should enable the oil giant to generate more cash this year.
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