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Exxon Mobil (XOM) Stock Gains After Oil Prices Rise

NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM - Get Report) are up 1.01% to $89.71 in afternoon trading on Thursday after a surprise drop in domestic stockpiles drove oil prices higher.

WTI crude is rising 0.76% to $46.58 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 0.82% to $47.99 per barrel on the Intercontinental Exchange this afternoon.

Energy Information Administration data showed U.S. crude inventories fell by 3.4 million barrels last week, while analysts were expecting a build-up of 714,000 barrels, Reuters reports.

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