Exxon stock price hovered around $111

Exxon stock price hovered around $111.05 Tuesday afternoon, as energy equities benefitted from strong Asian LNG demand forecasts. Sector rotation from technology into oil majors is adding speculative inflows. Exxon Mobil Corporation (NYSE:XOM) that oil demand could rise to almost 105 million barrels per day by 2050, up from roughly 100 million barrels per day last year, thus requiring sustained investment in both current and future endeavors to meet global demand. ExxonMobil’s XOM second-quarter earnings surpassed market expectations, falling to $7.1 billion from $9.2 billion a year ago, mainly on lower oil prices and refining margins. But strong volume growth, further structural cost reduction, and contributions from new projects mitigated the impact of lower prices. Exxon stock price reached $112.45 with crude futures rebounding sharply on Middle East headlines. Some traders are positioning for a test of $113.50 if energy volatility persists this week.