Benzinga | Sep 13, 2021 01:52PM EDT

Why Exxon Mobil Shares Are Rising

Shares of oil companies, including Exxon Mobil Corporation (NYSE:XOM), are trading higher as oil prices gain amid supply concerns caused by Hurricane Ida damage.

Hurricane Ida made landfall in Louisiana as a Category 4 storm Sunday, August 29. The storm caused life-threatening storm surge, dangerous rainfall flooding, devastating winds and tornadoes in the gulf coast and northeast.

Exxon Mobil is an integrated oil and gas company that explores for, produces and refines oil around the world. In 2020, Exxon Mobil produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day.

Exxon Mobil is trading higher by 2.4% at $55.25. Exxon Mobil has a 52-week high of $64.92 and a 52-week low of $31.11.