✎ Contributed by Ty Griffin
Oil prices climbed Tuesday as U.S. efforts to curb exports from Venezuela and Iran and an unexpected drawdown in U.S. inventories tightened global supply outlooks. Brent crude rose above $73 per barrel, marking a three-week high and boosting investor sentiment in the energy sector.
Performance of Leading Oil Companies
• Exxon Mobil Corp. (NYSE: XOM): Trading at $118.15, up 1.34% today.
• Chevron Corp. (NYSE: CVX): Trading at $167.69, up 1.06% today.
• ConocoPhillips (NYSE: COP): Trading at $103.05, up 0.49% today.
Industry Drivers
The gains in crude prices come amid renewed geopolitical tensions and production restrictions targeting Iran and Venezuela. Meanwhile, U.S. crude inventories unexpectedly declined last week, reinforcing expectations of tighter supply heading into the second quarter. Major oil producers continue to benefit from strong downstream margins and a robust pricing environment.
Outlook
Energy analysts expect further support for oil equities if geopolitical risks persist and inventory levels remain tight. However, uncertainty around global demand and upcoming OPEC+ decisions may add volatility in the weeks ahead.
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