This News Has Big Oil Stocks Surging Today
Shares of the biggest oil stocks are moving higher on July 21. At 1:14 p.m. EDT, shares of Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP), ExxonMobil (NYSE: XOM), and Royal Dutch Shell (NYSE: RDS.A)(NYSE: RDS.B) were up between 4% and 7.3%. Today's move higher is the result of several pieces of positive news that are lifting oil prices to the highest levels since early March. At this writing, West Texas Intermediate crude futures are $41.73 per barrel, up 2.3%.
There are two things primarily responsible for today's bullish sentiment for oil and oil stocks: yesterday's positive news about a coronavirus vaccine candidate and today's breakthrough agreement by the European Union on a $2.1 trillion economic stimulus package.
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Source Fool.com
