Shares of Exxon Mobil Corp.
XOM,
rallied 3.3% on Wednesday to close at a record $120.20, according to data going back to November 1972. It also marked a fourth straight session of gains for the stock. The Energy Information Administration earlier Wednesday said U.S. crude inventories fell 2.2 million barrels last week, in line with market expectations, and the U.S. crude futures benchmark rose nearly 4%. “Oil prices have rallied strongly on the back of supply restrictions,” with ongoing concerns about the economy a counter-risk to rising prices, analysts at Oanda said in a recent report.
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