Why Are Energy Stocks Up Today?
Source: bht2000 | Shutterstock.com 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 . 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 reign in rising inflation.
Why Are Energy Stocks Up Today?
Source: bht2000 | Shutterstock.com 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 . 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 reign in rising inflation.