Why is the Woodside share price having such a strong start to the week?

Female oil rig worker wearing high vis vest, red gloves and hardhat smiles at camera with a green painted oil rig in the backgroundFemale oil rig worker wearing high vis vest, red gloves and hardhat smiles at camera with a green painted oil rig in the background

The Woodside Energy Group Ltd (ASX: WDS) share price is pushing higher on Monday.

At the time of writing, the energy share is up around 2% higher at $31.23 each on no news.

In broader market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is also around 2% higher on the day.

What’s up with the Woodside share price?

It’s been a quiet day for ASX oil shares today. Noteworthy, however, is the price of oil strengthening to trade back at US$101 per barrel.

Brent Crude pushed off a low of US$99 barrel overnight, following a weak spell for the global oil benchmark.

The move came in handy for the Woodside share price, shifting it higher today.

Woodside has been trading sideways this past month or so, following its rapid descent from $35.39 a share on 9 June.

Oil has been equally as volatile in recent months, with Brent Crude trading down off its June highs of US$120 per barrel.

Global oil prices have pared gains earned through the second quarter of CY2022, leaving many investors questioning how they will fare with inflation biting.

Nevertheless, oil remains at the centre of the geopolitical debate right now. It, and many other resources, have shot to multi-year highs, sending global markets into turmoil.

Accompanying this is strength in the US dollar, adding further complexity to global trade.

It seems the Woodside share price has been a reflection of this broader price action, as seen below.

TradingView Chart

In the last 12 months, the Woodside share price is up more than 37%, climbing 43% higher this year to date.

The post Why is the Woodside share price having such a strong start to the week? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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