Wednesday, May 25, 2011

Exxon (XOM) (BP) (COP) Close Up on Oil Price Outlook

Shares of oil companies like Exxon Mobil (NYSE:XOM), BP (NYSE:BP) and ConocoPhillips all closed up Tuesday as analysts boosted their outlook on the price of Brent crude.

Morgan Stanley (NYSE:MS) increased its Brent crude projection, noting stronger demand and supply problems related to Libyan production. The brokerage lifted its 2011 Brent crude price projection from $100 to $120 a barrel a barrel and its 2012 projection from $105 to $130.

JP Morgan (NYSE:JPM) reiterated its Brent crude price estimate of $130 in the third-quarter of 2011.

Goldman Sachs (NYSE:GS) raised it projection for Brent crude from $105 to $120 a barrel for 2011, and for 2012 from $120 to $140 a barrel.

BP closed Tuesday at $44.37, jumping $0.34, or 0.77 percent. ConocoPhillips closed at $71.91, up $0.58, or 0.81 percent. Exxon ended the session at $81.29, rising $0.62, or 0.77 percent.

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