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Oil continues strong run, up to $83 per barrel

Yahoo Finance's Jared Blikre gives an outlook in the oil and energy market for today.

Video transcript

ALEXIS CHRISTOFOROUS: Welcome back, everybody. The oil markets closing out the week here after another volatile one. Jared Blikre is going to recap it for us. Jared, how does it look oil is going to settle today?

JARED BLIKRE: That's right, I'm looking at a settlement price for February futures at $0.82 per barrel. And let's pull up the YFi Interactive so we can see the price action. Here is the [INAUDIBLE], let's call this year to date.

This is the first 10 days of the trading year. You can see we've definitely been in an uptrend. No coincidence that every other day or some day-- some, some weeks, several, several days consecutively, we're just talking about energy being the leading sector. So this is the highest level that we've seen in some time.

Let me pull up a three month chart. And you can see we are back up knocking on that $85 per barrel high that we saw in what is that October, November of last year. So everything moving higher on the energy front. Only yesterday we were discussing how their speculation that President Biden is going to put pressure on other nations or congresses to lower oil prices. They would do that vis-a-vis OPEC, so maybe a dialogue there.

There's also the Strategic Petroleum Reserve of 40 million barrels were already released from it, speculation that Biden might release even more. But as we've seen, equities flagged this week been really notable to see the strength, the continued strength, and not only crude, but also the energy market. And let me show you what's happened on a five day basis here.

We've got ExxonMobil up 4%. Royal Dutch Shell up over 5%. Conoco up 6%. BP up 7%, and Occidental Petroleum up 5%. So a lot of strength in this sector. Have to see if this continues into the following week.

ALEXIS CHRISTOFOROUS: All right, Jared Blikre. Thanks for the roundup.

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