Why ExxonMobil, ConocoPhillips, and Suncor Stocks Are Surging Monday
The price of oil is surging, and that's great news for oil stocks like ExxonMobil (NYSE: XOM), ConocoPhillips (NYSE: COP), and Suncor Energy (NYSE: SU). At 2:35 p.m. EST on Monday, shares of Exxon, Conoco, and Suncor were up 4.4%, 6.4%, and 8.6%, respectively.
Driving the gains, as it's been doing all month long, is the rising price of oil. Brent crude prices gained 3.6% today, while WTI crude costs 4.1% more today than it did Friday. Indeed, after adding nearly $10 since the start of the month, WTI crude is approaching $62 a barrel, capping a surge from less than $36 at the end of October.
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Source Fool.com
