Exxon Mobil Stock Breaks Out On Russia’s 500,000 Barrel Threat

Exxon Mobil ( XOM ) stock broke out Friday after Russia announced it would cut its oil output by 500,000 barrels a day next month, sending crude prices higher. On Friday, a statement from Russia’s Deputy Prime Minister Alexander Novak said the country plans to cut March production by 500,000 barrels per day in response to the European Union’s ban on seaborne imports and price caps on oil products from Russia. Energy stocks moved higher as oil prices advanced on the news, with Exxon Mobil stock retaking a buy point. U.S. crude futures briefly jumped around 3% to above $80 per barrel, before settling to about a 1.5% increase Friday. U.S. oil prices are now up almost 9% on the week — setting the stage for oil’s strongest advance since early October. Brent crude futures also advanced more than 2% to around $87 per barrel. Oil prices also received a boost from China inflation data showed consumer prices rising in January, a sign that the country’s reopening economy is gaining strength. In addition, on Monday, top world oil exporter Saudi Arabia raised its crude prices for Asian markets for the first time in six months. The International Energy Agency’s […]

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