Why ExxonMobil, Occidental Petroleum, and Core Laboratories Surged Double Digits This Week

Shares of ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and Core Laboratories (NYSE: CLB) rose sharply this week, with these stocks up 11.6%, 13.2%, and 14.3% on the week, respectively, as of 3 p.m. ET on Thursday.

Oil is very sensitive to macroeconomic and geopolitical news, and it was a busy week on that front. Better news about the omicron coronavirus variant, strong U.S. jobs growth, and a drama-free OPEC+ meeting all boosted sentiment for demand, pointing to a scenario in which the omicron variant's impact on the economy would likely be less than feared.

It was another good week for oil stocks after a strong 2021. Image source: Getty Images.

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Source Fool.com