You don’t become one of the world’s largest and most profitable companies by making dumb moves. Exxon Mobil (NYSE:XOM) proves it once again.

XTO shareholders are partying thanks to news that Exxon is printing some $31 billion worth of new shares in order to purchase XTO Energy (NYSE:XTO), one of the nation’s natural gas producing giants. It’s a major deal that has hearts skipping across a variety of sectors.

As per this reports Oil prices are going high as the Federal Reserve began a two-day policy meeting on interest rates. 

It  rose by USD 1.47 to settle at USD 79.60 on the New York Mercantile Exchange.

Gasoline for November delivery gained 1.32 cents to settle at USD 2.0035 a gallon and heating oil gained 2.73 cents to settle at USD 2.0733 a gallon.

Reliance has failure in getting enough gas in KG-D6 well , hardy is out. Now company says that it will drill three more wells in the Krishna Godavari basin block where the first exploratory well was abandoned due to poor gas find, as per reports in Business Standard.

Drilling is an expensive operation and cost thousands of crores any miss in drilling could cost company a big fortune. It needs to be seen how it plays out for Reliance Industries Ltd this time.

Company stocks are not expected to outperform even though OIL prices are flirting with $81.

The price of Oil in NY jumped today above $75/brl the highest level so far this year.New York's main contract, light sweet crude for November delivery soared to USD75.15 per barrel, which was last seen on October 20, 2008.

Brent North Sea crude for November delivery advanced 69 cents to USD73.09 a barrel today.

Foreign exchange and growing optimism about economy is driving oil to again on glory days.