Why Are Oil Stocks Up Today? - $CVX $XOM $PXD
- last year
American oil stocks, including Chevron (NYSE: CVX) and Exxon-Mobil (NYSE: XOM), are experiencing a surge in value following the announcement that Saudi Arabia has agreed to further decrease its oil production by 1 million barrels per day.
Chevron's opening price this morning is expected to be around $158, reflecting a 1.25% increase. On June 2, the stock had already risen by 3.8%. Similarly, Exxon-Mobil's stock has climbed to $107.25, showing a 1.5% increase, after experiencing a 2.3% rise on Friday, when the news of Saudi Arabia's decision was still just a rumor. Comparing their performance in 2023, Chevron has faced a decline of 10%, whereas Exxon-Mobil has witnessed a decrease of less than 1%. Other oil producers, such as EOG Resources (NYSE: EOG) and Pioneer Natural Resources (NYSE: PXD), also saw a rise of approximately 1.5% in their stock prices.
While the stocks exhibited notable gains, the impact on crude oil prices was even more significant. Brent Crude, which serves as the global benchmark, has increased by 2.5%, reaching $78 per barrel. Meanwhile, WTI Crude, the standard for the United States, has risen by 2.6% to $73.65 per barrel. Industry analysts have renewed their predictions of oil prices surging to $100 per barrel in light of these developments.
Chevron's opening price this morning is expected to be around $158, reflecting a 1.25% increase. On June 2, the stock had already risen by 3.8%. Similarly, Exxon-Mobil's stock has climbed to $107.25, showing a 1.5% increase, after experiencing a 2.3% rise on Friday, when the news of Saudi Arabia's decision was still just a rumor. Comparing their performance in 2023, Chevron has faced a decline of 10%, whereas Exxon-Mobil has witnessed a decrease of less than 1%. Other oil producers, such as EOG Resources (NYSE: EOG) and Pioneer Natural Resources (NYSE: PXD), also saw a rise of approximately 1.5% in their stock prices.
While the stocks exhibited notable gains, the impact on crude oil prices was even more significant. Brent Crude, which serves as the global benchmark, has increased by 2.5%, reaching $78 per barrel. Meanwhile, WTI Crude, the standard for the United States, has risen by 2.6% to $73.65 per barrel. Industry analysts have renewed their predictions of oil prices surging to $100 per barrel in light of these developments.