Oil stocks rally, WTI crude oil futures settle at $81.22 a barrel

Yahoo Finance's Jared Blikre reports on the oil and energy market.

Video Transcript

KARINA MITCHELL: Welcome back to Yahoo Finance. Well, perhaps fitting on one of the coldest days so far, at least here in New York City, energy is the runaway winner today, up nearly 3%. That as price of crude oil topped $80 a barrel on tight OPEC supply and, as Jay Powell said, the economic impact of Omicron will be short-lived. Here with more on all of that and how crude settle is Yahoo Finance's Jared Blikre.

JARED BLIKRE: That's right, Karina. So crude oil, WTI futures for February settlement, they just closed at $81.22 per barrel. 3%, almost 4%, is a pretty big move. And we're going to chart the price action. And really, it was all about Powell today. We were just a little bit elevated, but below $80 when the meeting began. And much like equities, we got a little bit of a W bottom here, tested some lows, and then it was off to the races.

And you take a look at a three-month chart here. And you can see we're back above this $80 level, which happens to be exactly where we were about three months ago, heading towards those record highs at $85 per barrel, much closer than we were just a few weeks ago. So WTI crude really climbing back today.

Also want to get a check of the energy market. Here we go, and lots of dark green. I was just looking at XLF, up more than 12% for this year. That's seven trading days alone. You can see BP, ExxonMobil, each up more than 3% there. And some of the smaller names like Occidental Petroleum, that is up 6 and 1/2%.

So here is the seven-day view, seven trading days in 2022. I was wrong. Exxon is up even more than I thought. It's up 16%. And you take a look at the sector action. There we have it. XLE up 13 and 1/2%, followed by financials a distant second, up 5%. Beyond that, not a lot going on this year, Karina.

KARINA MITCHELL: All right, we will leave it there. Jared Blikre, thank you so much.