WTI crude is up 5.04% to $37.70 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 4.99% to $39.76 per barrel on the Intercontinental Exchange this afternoon.
U.S. commercial crude oil stockpiles dropped by 4.9 million barrels to 529.9 million barrels last week as refineries boosted gasoline production, according to the U.S. Energy Information Administration.
Analysts were expecting crude inventories to increase by 3.2 million barrels, according to a Reuters survey.
"I think the market is more about the total change in (crude) inventories, rather than individual components," ICAP energy broker Scott Shelton told Reuters. "It's the first week of the second quarter and we have a net draw. That will force the bears to rethink their bearish balances for Q2."
Irving, TX-based Exxon Mobil is an oil and gas exploration and production company that also manufacturers and markets petroleum products.
Separately, Exxon Mobil has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths such as reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures, and its weaknesses, including feeble earnings per share growth, weak operating cash flow and poor profit margins.
You can view the full analysis from the report here: XOM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.