Why ExxonMobil, Occidental Petroleum, and Devon Energy Stocks Surged Today
Oil stocks fired up Wednesday, with shares of some of the largest upstream oil companies clocking solid gains through the day after a weak start to the week. Notable oil stocks that jumped today include ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN). As of 1 p.m. ET Wednesday, while ExxonMobil and Occidental were each trading 3.2% higher, Devon Energy stock had shot up 5.7%.
Despite a hot inflation report that's renewed fears of a recession, investors are betting on oil stocks on the dip on the back of certain industry developments.
West Texas Intermediate (WTI) crude oil, the U.S. oil price benchmark, rebounded more than 3% today and crossed $89 per barrel this morning to hit its highest level so far in September.
Source Fool.com
