CVX, XOM, SHEL: Oil Prices See Biggest Weekly Gain in Three Months
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Crude oil prices are set for a weekly increase of over 4% due to reduced Russian fuel exports following Ukraine's attacks. Brent crude is trading at $69.86, while WTI is at $65.48, marking their largest weekly gains since mid-June. The U.S. EIA reported a surprising drop in crude inventory by 607,000 barrels, indicating strong demand. This rise in oil prices positively impacts major oil stocks like Chevron (CVX), which has a Moderate Buy rating from analysts, with a price target suggesting a 6.16% upside.
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