BP plc (NYSE: LON:BP), Occidental Petroleum Corporation (NYSE: NYSE:OXY) and Exxon Mobil Corp (NYSE: NYSE:XOM) shares are all trading higher Thursday. Shares of energy companies at large are trading higher as oil prices rebound following Wednesday's weakness. Traders continue to weigh the conflicting effects of demand pressures and supply constraints.
Shares of energy companies were otherwise trading lower during Tuesday and Wednesday's trading sessions amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook. Per CNBC, West Texas Intermediate (WTI) crude traded below $100 this week for the first time since May 11.
Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
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According to data from Benzinga Pro:
- BP is trading higher by 3.59% to $27.68
- Occidental Petroleum is trading higher by 4.42% to $61.72
- Exxon Mobil is trading higher by 3.58% to $86.26
Read at Benzinga