Why ExxonMobil Stock Rose as Much as 5% Today
Shares of globally diversified energy giant ExxonMobil (NYSE: XOM) rose as much as 5% on Sept. 16. There's little question about what drove the advance: Oil prices were higher and investors were upbeat about the future of the energy sector. Only, Exxon's stock is still down dramatically for the year, off by around 45%. There's a lot going on.
Oil has benefited from a couple of news items lately, including a larger-than-expected drawdown of oil inventories and a major storm in the Gulf of Mexico region that will result in curtailed production. That's helped to push the price of the key energy source higher today and investors bid up the price of Exxon along with it. This makes sense given that oil prices have a major impact on Exxon's top and bottom lines. But there's more to the story here.
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Source Fool.com
