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Story summary
- Gulf producers reduced oil output, pushing WTI above $115 per barrel and boosting Exxon Mobil Corporation and Chevron Corporation.
- Exxon Mobil Corporation's stock rose 23% year-to-date.
- Chevron Corporation's stock rose 21%.
- The Standard & Poor's 500 Index (S&P 500) fell 2.46% this week.
- Analysts warn that oil above $100 per barrel may curb consumer spending and raise stagflation risk.
