Why Exxon Mobil Stock Is Shooting Higher

Exxon Mobil Corp XOM shares are trading higher by 3.48% to $90.35 during Monday's pre-market session. Shares of several oil stocks are trading higher amid an increase in the price of oil as OPEC+ is rumored to be considering a ~1M barrel per day oil production cut.

What Happened?

Bloomberg reports that the OPEC+ group of oil producers will consider an oil output cut of more than 1 million barrels per day (bpd). 

According to the report, OPEC+ group is meeting in Vienna on Wednesday and finalize its decision. The 23-nation alliance had been conducting meetings online every month previously. 

If the alliance decides to trim its output when it meets in Vienna on Wednesday, it will be the second consecutive monthly reduction. OPEC+ had reduced its output by 100,000 barrels per day in September...Read More

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According to data from Benzinga Pro, Exxon Mobil has a 52-week high of $105.57 and a 52-week low of $57.96.