The Woodside Energy Group Ltd (ASX: WDS) share price is back in the green this afternoon after starting the week out on the wrong foot.
The oil and gas producer’s stock dipped by nearly 0.5% earlier today, despite rising oil prices.
Fortunately, it’s since turned itself around. At the time of writing, the Woodside share price is $30.33, 0.63% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.81% right now.
Let’s look at what might be going on with the energy share on Monday.
What’s going on with Woodside today?
The Woodside share price is back in the green amid higher oil prices.
Global oil prices lifted on Friday with traders tipping demand to continue in the near future, according to CommSec.
The Brent crude oil price increased 1.7% to reach US$119.43 while US Nymex crude rose 0.9% to US$115.07 a barrel.
Of course, higher oil prices could mean good things for oil producers’ bottom lines.
Interestingly, the S&P/ASX 200 Energy Index (ASX: XEJ) is one of just two ASX 200 sectors trading lower on Monday.
It’s currently down 0.23%, with its fall led by the share prices of Viva Energy Group Ltd (ASX: VEA) and Whitehaven Coal Ltd (ASX: WHC). They’ve both dropped more than 2.5%.
In fact, only four of the sector’s constituents are recording gains right now. The Paladin Energy Ltd (ASX: PDN) share price is up 3.36%.
Joining Paladin and Woodside in the green is Washington H Soul Pattinson and Co Ltd (ASX: SOL) and Worley Ltd (ASX: WOR).
Woodside share price snapshot
The Woodside share price has been outperforming recently.
It’s currently 33.8% higher than at the start of 2022.
Woodside shares have also gained 39% over the last 12 months.
Based on the current share price, Woodside Energy has a market capitalisation of $29.65 billion, with nearly 984 million shares outstanding.
The post Why is the Woodside share price bouncing back on Monday? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Woodside right now?
Before you consider Woodside, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woodside wasn’t one of them.
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More reading
- 5 things to watch on the ASX 200 on Monday
- Why we’re still buying ASX 200 shares that are ‘high emitters’: fundie
- TGIF: Here’s why ASX 200 energy shares are outperforming today
- ‘We’re close to the bottom’: Expert flags share market sectors to buy before the rally
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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