Oil prices fall on demand concerns, rising Libyan output
Yahoo Finance's Jared Blikre breaks down the latest news in the oil markets.
Video Transcript
- Welcome back, everybody. We know that oil had a pretty good start to the year. Crude prices up more than 3% last week, but not so much this week. Jared Blikre now, with a look at what is pressuring oil prices, at least here in the early going. Jared.
JARED BLIKRE: That's right. And you'll remember, we've been talking about energy being the leading sector of the year. Crude oil just falling off a little bit today, you can see it's down about 9/10 of a percent on the YFi Interactive. And we just got the settlement seconds ago. $78.23 per barrel is that official price. Of course, it still continues trading in the electronic market here. And we can see, still down 9/10 of a percent. Not a big deal in the grand scheme of things. You look at the six day price action, still holding onto gains of 1 and 1/2%.
And let's take a longer-term view. Let's get to a three month chart. And we can see we've now reclaimed over half of the losses from that steep sell-off due to the Omicron virus rearing its head in early December. And after that, we got to check the energy sector heat map, because it's a little bit mixed today. We can see little flashes of green. That looks like Total up about 4/10 of a percent, ConocoPhillips up 29 basis points.
But it's really what has happened in the preceding days, and you can see a lot of these names standing on some huge gains. Exxon is up almost 12%. ConocoPhillips is up 12%. And some of the smaller names also sitting on some pretty nice gains. Here's Occidental Petroleum. Just take a look at the last year of trading. Up 61%, hasn't taken out that high from earlier in the year. But does energy have room to go? You look at any max chart and you will see that, yes, there is a lot of territory to be reclaimed here. Guys.
- All right. Thanks a lot, Jared.
