Why ExxonMobil, Chevron, and SunPower Stocks All Surged Today
A tweet from President Trump this morning sparked a rally in oil prices -- and oil stocks.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1245720677660925952?ref_src=twsrc%5Etfw">April 2, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
After initially jumping 10%, oil prices sustained and expanded their gains as the day wore on. As of 12:50 p.m. EDT, West Texas Intermediate crude prices are up 24.4% at $25.20 a barrel, Brent crude is up 22.9% at $30.41 -- and shares of ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) are up 8.4% and 10.2%, respectively.
Source Fool.com
