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Financial markets Score 25 Bullish

Oil Stocks Surge as Crude Prices Near $85, XOM and CVX Lead Energy Gains

Mar 10, 2026 14:09 UTC
CL=F, XOM, CVX
Medium term

Crude oil futures climbed to $84.70 per barrel on March 10, 2026, with the CL=F contract rising 2.3% amid tightening global supply and resilient demand. ExxonMobil (XOM) and Chevron (CVX) posted strong quarterly earnings, driving sector momentum and attracting institutional interest in energy equities.

  • Crude oil futures (CL=F) reached $84.70 per barrel on March 10, 2026, a 2.3% increase.
  • ExxonMobil (XOM) reported $11.4 billion in quarterly net income, up 14% YoY.
  • Chevron (CVX) posted $9.8 billion in profit, a 16% year-over-year rise.
  • U.S. crude inventories fell by 2.3 million barrels, marking three weeks of consecutive draws.
  • Energy sector P/E ratio at 12.4, below S&P 500’s 18.3, indicating relative undervaluation.
  • Options activity shows increased call buying on XOM and CVX, signaling bullish sentiment.

Global oil markets showed renewed strength on March 10, 2026, as crude futures traded near $85 per barrel, with the CL=F contract advancing 2.3% to settle at $84.70. The rally followed a report indicating unplanned outages in the North Sea and reduced output from OPEC+ members, tightening the global supply balance. Meanwhile, U.S. commercial crude inventories declined by 2.3 million barrels, marking the third consecutive week of drawdowns. ExxonMobil (XOM) and Chevron (CVX) emerged as key market drivers, both reporting earnings that exceeded analyst expectations. XOM reported a quarterly net income of $11.4 billion, up 14% year-over-year, while CVX posted $9.8 billion in profit, a 16% increase. Both companies cited strong refining margins and resilient downstream performance, supported by elevated crude prices and robust international demand in Asia and Europe. The energy sector’s outperformance extended beyond the majors. Integrated oil firms and midstream operators saw trading volumes spike, with XOM gaining 3.8% and CVX rising 4.1% in early afternoon trading. Analysts note that the sector’s price-to-earnings ratio now stands at 12.4, below the S&P 500’s 18.3, suggesting potential undervaluation relative to broader market peers. Investors are increasingly positioning for sustained oil strength, with options flow indicating elevated call buying on XOM and CVX. The shift reflects growing confidence in oil’s ability to maintain elevated pricing through the second quarter, supported by geopolitical risks in the Red Sea and ongoing OPEC+ discipline.

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