Why ExxonMobil Stock Sloshed Higher Today
Shares of big oil stock ExxonMobil (NYSE: XOM) rode a wave of higher oil prices to a 2.3% gain in mid-afternoon trading today, as of 2:05 p.m. ET. Both American West Texas Intermediate and Brent crude -- the international benchmark -- are trading higher this afternoon, up past $80 and $84 a barrel, respectively.
What's pushing oil prices higher? The laws of supply and demand, that's what.
As OilPrice.com reported this morning, China "likely tapped its crude inventories in July." (It's only "likely" because China does not publicly report on the status of its oil inventories.) But it's also likely because China increased oil refining activity by 17.4% last month on stronger demand for gasoline and other fuels.
Source Fool.com
