Oil Back to $71, Big Oil Stocks Don't Move (XOM, CVX, COP)

Despite crude oil making a comeback to $71 a barrel, the big oil stocks such as Exxon Mobil (NYSE:XOM), Chevron Corp. (NYSE:CVX), and ConocoPillips (NYSE:COP) have yet to move.

Exxon (XOM) is trading flat today, priced at $69 a share with a 52-week range of $56 to $83 and volume is very light, only at 7 million shares traded as of 1:30 PM EST.  Conoco (COP) is down 1.6% to $50 a share and the only winner is Chevron (CVX) up 1.5% to $72.55.

Faster economic growth next year, particularly in the developing world, will drive oil demand higher than previously expected, the International Energy Agency said Friday.

The Paris-based IEA, which advises oil-consuming countries, said crude demand would reach 86.1 million barrels a day in 2010, up 1.7 percent from this year, the IEA said in its monthly oil report. That's up from the IEA's forecast last month for oil demand of 85.7 million barrels a day in 2010.

The IEA said "buoyant economic activity in more oil intensive emerging countries" was largely the cause of its revision. It also noted the International Monetary Fund's move last week to hike its forecast for economic growth next year to 3.1 percent, up from its April forecast of 1.9 percent growth.

The agency said, however, that "the outlook for 2010 is still fraught with uncertainty," and said 2010 oil demand could be significantly lower if economic growth next year is less than forecasters now project.

GO CHEVRON
After the close Thursday, Chevron Corporation (NYSE:CVX) said third quarter earnings are expected to be higher than in the second quarter, as upstream earnings are projected to increase significantly, reflecting higher prices for crude oil, as well as approximately $400 million of gains related to asset sales and tax items.

SOURCES: http://www.google.com/hostednews/ap/article/ALeqM5gWiK9Zo2ujPIFq29PE_5DSYIxhPQD9B7FFK81
http://www.streetinsider.com/Guidance/Chevron+(CVX)+Sees+Q3+Profits+Above+Q2+Level+Due+To+Higher+Crude+Prices/5006880.html