Oil prices climb 2% after coming off three straight losing weeks

You talked about a lot more quarter point hikes, but oil is having a great day. Maybe everything's coming up roses, we'll call it. What are we up to, like, 2%, 3%? Yeah, so we're off the best levels of the day, but still up about 3% in extending Friday's rally. But of course, we have to put that in perspective in the sense that we still posted a third straight week of losses last week for oil, and prices are still below where they were prior to that surprise production cut announced by OPEC and its allies at the beginning of April. That group does release its latest monthly market report on Thursday, and so that will give us a better idea of how they view the current supply demand balance ahead of their June 4th meeting. One quick thing to take a look at, energy stocks entering a death cross last week, that is of course when the 50 day moving average drops below the 200 day moving average for the first time since 2018, that happened. It does signal overall bearish sentiment regarding the group, and that is despite some very good earnings.

We still have more coming. We'll be back with a new video from Devon later today, Oxy tomorrow. But certainly a lot of selling in that group for right now. Yeah, like you said, selling on the one hand, buying on the other. That kind of day, Pipa, thank you.

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