Thursday, May 26, 2011

Exxon (XOM) (COP) (CVX) Close Up as Oil Breaks $100 a Barrel

For the first day this week oil prices broke the $100 mark a barrel, sending the share prices of energy giants Exxon Mobil (NYSE:XOM), Conoco (NYSE:COP) and Chevron (NYSE:CVX) up by the end of the session.

Light sweet crude oil for July delivery jumped $1.73 to settle at $101.32 a barrel and July Brent crude climbed by $2.40 to settle at $114.93.

Also strengthening oil prices was a report from the Department of Energy on Wednesday saying U.S. commercial crude inventories rose by 600,000 barrels in the week ended May 20 against an expected 1.3 million barrel fall in crude stocks.

Gasoline inventories was up by 3.8 million barrels last week against an estimated 300,000 barrel jump.

Chevron closed at $103.25, gaining $0.98, or 0.96 percent. Exxon closed at $81.96, up $0.67, or 0.82 percent. ConocoPhillips ended the session up slightly at $71.97, rising $0.06, or 0.08 percent.

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