Here’s why the Woodside (ASX:WPL) share price is climbing 3% today

Here’s what might be boosting the Woodside share price on Tuesday.
The post Here’s why the Woodside (ASX:WPL) share price is climbing 3% today appeared first on The Motley Fool Australia. –

The Woodside Petroleum Limited (ASX: WPL) share price is surging higher today despite no news having been released by the company.

In fact, Woodside hasn’t posted any price-sensitive news to the market since it released its half-year results and confirmed its plan to merge with BHP Ltd‘s (ASX :BHP) oil assets in August.

However, increasing world oil prices might have something to do with Woodside’s gains today.  

At the time of writing, the Woodside share price is $25.01, 3.69% higher than its previous close.

Let’s take a look at what might be boosting Woodside’s shares on Tuesday.

Price of oil up alongside Woodside’s stock

The Woodside share price is taking off today, as are oil prices this week.

The price of oil has retreated ever so slightly on Tuesday, though it’s still boasting much of the significant gains it’s made recently.  

Right now, a barrel of West Texas Intermediate oil goes for US$77.86. At the same time, Brent crude oil is going for US$81.61 per barrel.

The price of oil is being driven higher by confirmation the Organisation of the Petroleum Exporting Countries, Russia, and their allies, better known as OPEC+, won’t be increasing oil production despite rising global demand.

The organisation previously agreed to boost oil production by 400,000 barrels per day each month between July 2021 and April 2022.  

According to reports by Reuters, the price of oil is beginning to worry the United States and India. The two nations are reportedly calling on the OPEC+ to increase supply of the black liquid.

The latest news from OPEC+ is likely dampening hopes of this happening. However, it’s seemingly boosting the Woodside share price.

Woodside share price snapshot

Today’s gain included, the Woodside share price is around 9% higher than it was at the start of 2021.

It has also gained 41% since this time last year.

The post Here’s why the Woodside (ASX:WPL) share price is climbing 3% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Woodside Petroleum right now?

Before you consider Woodside Petroleum, 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 Petroleum wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

These were the 5 best performing ASX 200 resources in September

September’s best performing ASX 200 energy shares unmasked

ASX 200 energy shares on watch as OPEC meeting drives up oil prices

5 things to watch on the ASX 200 on Tuesday

5 things to watch on the ASX 200 on Monday

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 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 Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!