Why ExxonMobil Stock Popped on Monday
ExxonMobil (NYSE: XOM) shares closed out last week on a down note, as investors digested the details of the oil giant's latest "five-year plan": paying down debt, buying back stock, and allowing profits and cash flow to fall well below 2022 levels. Exxon's starting out this week on an up note, however, as its share price rises 1.9% in late-morning trading at 11:50 a.m. EST.
You can thank the oil market for that.
Oil prices popped Monday morning, with the cost of a barrel of WTI crude up 3.4% at $73.40 and Brent crude, the international benchmark, rising 2.8% to $78.19. Pricier oil means more profits for Exxon, and it makes sense that a higher oil price would translate into a higher price for Exxon stock.
Source Fool.com
