Exxon Mobil Stock Is Rising Today: What's Going?

Exxon Mobil Corp (NYSE:XOM) shares are trading higher on Friday. Reports have surfaced stating that the company is expanding its production footprint in several OPEC‑linked nations with support from the Trump administration. Exxon Mobil stock is approaching key resistance levels. What’s driving XOM to record levels? According to multiple reports, Exxon Mobil and Chevron Corp (NYSE:CVX) are pursuing new opportunities in countries tied to OPEC as the administration's assertive foreign policy helps open doors. U.S. officials are backing the companies as they negotiate in Iraq, Libya, Algeria, Azerbaijan and Kazakhstan, according to public statements and people familiar with the discussions, Bloomberg reported. Venezuela, which has one of the world's largest oil reserves, represents the most high‑profile opening after the U.S. captured former leader Nicolás Maduro and took over it’s crude exports. That support may give Exxon and Chevron a competitive advantage over European rivals such as Shell, TotalEnergies and BP. Samantha Carl‑Yoder, a former senior State Department official said "You have U.S. ambassadors out there stumping on behalf of companies. They're running with it in a way that just didn't exist under prior administrations, even Republican ones." Both Exxon and Chevron are also exploring a return to Libya after more than a decade of civil conflict, with the country offering exploration blocks estimated to hold around 10 billion barrels of resources. Exxon’s Technical Picture The stock is currently trading 10.8% above its 20-day simple moving average (SMA) and 24.4% above its 100-day SMA, demonstrating strong short-term and longer-term strength. Over the past 12 months, shares have increased 37.26% and are currently positioned closer to their 52-week highs than lows, indicating a robust upward trend. The RSI is at 75.02, which is considered overbought territory, suggesting that the stock may be due for a pullback. Meanwhile, the MACD is above its signal line, indicating bullish momentum is still present. The combination of overbought RSI and bullish MACD suggests momentum leaning bearish, indicating that while the stock is strong, traders should be cautious of potential corrections. Key Resistance: $150.00 Key Support: $145.00 XOM Price Action: Exxon shares were up 2.02% at $149.02 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro. Image: Shutterstock