Energy stocks are rising higher on Monday as the price of crude oil starts to climb higher ahead of a Federal Reserve meeting later this week.
According to analysts at Bank of America, the price of oil in the U.S. is likely to trade above $100 per barrel in 2023. The only way around this would be a worsening recession or easing restrictions on Russia. However, it’s unclear if either of those things will come to pass.
We’re already starting to see this as the price of oil climbs higher today. West Texas Intermediate (or WTI) Crude is currently up 1.3%, which has it trading at $95.89 per barrel as of this writing. Brent Crude is seeing a similar gain that has it at $104.59 today. If those prices continue to increase, investors can expect energy stocks to benefit from higher prices at the pump.
Also, the Fed is going to meet this week and will likely increase interest rates by another 75 basis points. This comes as the organization continues to increase interest rates in an effort to rein in rising inflation.
Let’s check out how this has energy stocks moving below!
Energy Stocks Up Today
- Chevron (NYSE:CVX) stock is rising 2.7% as of Monday afternoon.
- Exxon Mobil (NYSE:XOM) shares are getting a 2.7% boost as of this writing.
- Devon Energy (NYSE:DVN) stock is gaining 4% Monday afternoon.
- Occidental Petroleum (NYSE:OXY) shares are climbing 4.3% higher on Monday.
- Marathon Oil (NYSE:MRO) stock is jumping 5.4% as of this writing.
There’s plenty more stock market news traders will want to check out below!
InvestorPlace has all of the latest stock news for investors to dive into! That includes what’s happening with shares of Squarespace (NYSE:SQSP), Kaival Brands (NASDAQ:KAVL), and Amazon (NASDAQ:AMZN) stock. You can find out all about these matters at the following links!
More Monday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.