Insights

What’s up with the oil price right now?

Oil prices are in the spotlight as OPEC gathers to discuss production rates. Let’s take a look at how a few ASX oil shares are performing.
The post What’s up with the oil price right now? appeared first on The Motley Fool Australia. –

energy share price represented by man holding petrol pump line which is forming upward trending arrow

The brent crude oil price is up 2.29% for the day (at the time of writing) and 23.27% for the year.

Investors are watching oil this week as OPEC+ gets together to discuss production levels.

Price of oil on watch after OPEC+ talks

According to MarketWatch, traders are looking to OPEC+ to ease trading restrictions come April 2021.

The group of major oil producers met to hold talks this week, and some analysts are expecting production to be ramped up.

Reuters claims that OPEC+ is expecting global oil demand to grow to 96 million barrels per day. Reuters further notes that market expectation is for an estimated ease in production cuts equating to 500,000 barrels per day.

ASX companies react to oil price

Oil Search Ltd (ASX: OSH) shares are slightly lower in afternoon trading, down 0.71% at $4.20. 

The slide in the Oil Search share price comes despite the company’s announcement today that Peter Fredricson has been appointed chief financial officer (CFO) effective 23 March 2021.

Meanwhile, the Santos Ltd (ASX: STO) share price has edged up to $7.40 at the time of writing, a 0.14% push.

In a recent update, the company announced that S&P confirmed its BBB- (stable) credit rating. S&P commented that the stable outlook “reflects S&P’s view of Santos’ capacity to fund growth…”

The Beach Energy Ltd (ASX: BPT) share price is up 1.23% at the time of writing to $1.65.

Earlier this week, Beach Energy advised it was purchasing Senex Energy Ltd (ASX: SXY)’s Cooper Basin business for $87.5 million. 

Foolish takeaway

Oil prices being on the move isn’t a new phenomenon, with the per barrel price of crude oil crashing 35% between 2019 and 2020.

Investors will be no doubt keeping up with the OPEC+ chats to form an opinion on where oil prices are going. The next couple of days should continue to provide a clearer picture.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Gretchen Kennedy 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.

The post What’s up with the oil price right now? appeared first on The Motley Fool Australia.

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!