NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) are up 1.8% to $92.80 on heavy volume in afternoon trading Friday, as oil stocks are being helped by rallying U.S. crude oil futures, ahead of the expiry of the front-month January contract and pre-holiday short-covering, Reuters reports.
Brent crude plunged to a five-year low of $58.50 per barrel earlier this week, but Brent futures for January delivery are higher by 3.15% to $61.14 a barrel as of 2:25 p.m. ET today, while WTI Crude traded higher by 4.45% to $56.52 per barrel.
Oil prices have fallen nearly 50% since the summer due to a global oversupply.
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Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."