Why ExxonMobil Stock Is Rising Today
Shares of ExxonMobil (NYSE: XOM) rallied as much as 3.1% by 3 p.m. ET on Friday. The primary catalyst fueling the oil stock's rebound was higher crude prices.
After slumping for several days, crude oil prices bounced back on Friday. WTI, the primary U.S. oil price benchmark, was up as much as 3% before notching a 0.3% gain to close at $86.87 per barrel. Meanwhile, Brent, the global crude oil benchmark, closed a bit higher, rising 0.7% to $93.02 per barrel.
Buoying oil prices was the prospect that OPEC might cut its output due to the potential for a demand slowdown as the global economy weakens. Oil traders also looked at the possibility that the Atlantic hurricane season could drive production in the Gulf of Mexico offline, impacting supplies.
Source Fool.com
