Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why ExxonMobil Stock Sloshed Higher Today

TheMotleyFool

0 0

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

Like: 0

XOM

Share