Why ExxonMobil Stock Surged More Than 21% in February
Shares of ExxonMobil (NYSE: XOM) were in rally mode in February, jumping 21.3%, according to data provided by S&P Global Market Intelligence. Several factors fueled the oil stock, including the continued rebound of crude oil prices.
Oil prices surged last month. West Texas Intermediate (WTI), the primary U.S. oil price benchmark, rallied nearly 18%, closing the month above $60 a barrel, almost at a 22-month high. Fueling the surge in oil prices was the continued support of OPEC, which is holding back supply while demand recovers from the COVID-19 outbreak. That seems increasingly likely given the continued rollout of vaccines around the world.
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Source Fool.com
