It was another record setting day for Exxon Mobil (NYSE: XOM) with the stock hitting a new record high in today's market. The stock traded as high as $84.97 before closing out the session up 1.7% to $84.77.

The stock benefited today from strong moves in oil prices, which closed up $1.44 to $67.70, and look to be back on their way to the $70 mark. Oil traders are continuing to push prices higher as gasoline supplies remain a concern after this week's bearish report from the Energy Information Administration and statements out of OPEC countries that production would not be altered ahead of its next meeting, which isn't scheduled until September.

I wouldn't be too surprised to see another strong day for oil stocks tomorrow to close out the week. Right now there are some pretty bullish factors working in the favor of oil. As we have been discussing a lot here lately, there is the continued pessimism over the ability for American refineries to match demand this summer for gasoline. This has already had the impact of lifting gasoline prices to record highs, and as this weeks inventory report showed refineries are still struggling. We also have to contend with increasing violence in the Gaza strip, and a battle of words between Iran and the West.

Troubles between Hamas and rival Palestinian group Fatah have created a state of emergency in that region, and although they are not major players in the oil game, any violence in the region has the potential of spilling over into larger problems. After 6 long bloody days of battle, the end is still not in sight. The Palestinian Authority President Mahmoud Abbas has now dismissed the government and declared a state of emergency.