Oil Hits $70. Will Exxon's Stock Break Out?

The rally in oil continues, trading at its highest level in more than two years.

On Wednesday morning, the price has reached $70 a barrel and shares of Exxon Mobil Corporation XOM appear to be on the verge of a breakout.

Exxon's stock ran into resistance at the $62 level in early March and hit resistance at this level once again in May. A sell-off followed then as well.

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Now the stock has reached this level once more and there’s a good chance it breaks through this time.

With the price of oil higher, Exxon is worth more money. This should bring new buyers into the market.