Why BP, Exxon Mobil And Shell Shares Are All Rising Today

Why BP, Exxon Mobil And Shell Shares Are All Rising Today

BP plc BPExxon Mobil Corp XOM and Shell PLC SHEL shares are all trading higher going into the close of Wednesday's session. Shares of energy companies at large are trading higher as oil prices rise following a draw in crude inventories.

Crude oil inventories came in at a draw of 215K vs. the build of 443K that was expected. Cushing Crude oil inventories were a draw of 692K. Meanwhile, EIA Weekly distillate stocks were a draw of 2.892M vs. a draw of 69K expected.

What Else?

The broader market, including major indexes, are higher Wednesday as Treasury yields fall. The Bank of England also indicated it would buy government bonds in order to stabilize the pound.

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