Previously doubting investors go into oil majors again expecting that subsequent results will turn the tide for energy stocks that have been unable to catch up with soaring oil prices.
The gap might be narrowed by oil stocks in case results have the desired effect, while Goldman Sachs projects the highest reading for free cash flow in 10 years for the industry.
Oil is topping the list of the most profitable assets in the current year, considering that Brent rose by 11.4% since January, though energy stocks have stayed behind.
And while EU’s oil and gas is going through their best year for now, crude is still way ahead of them. Prices of oil today kept around the highest figures in three years attained back in the week, as supply restrictions by OPEC, along with high demand, are slowly bringing down oil glut.
Brent futures moved slightly down to $73.74 for a barrel, giving up 4 cents from the previous settlement.
U.S. WTI declined to $68.16 per barrel, losing 13 cents. Yesterday Brent and WTI jumped to their maximums since November, 2014, that is $74.75 and $69.56 respectively.
Both benchmarks are about to register their second weekly growth, with WTI adding over 1% in the week, and Brent rising by about 1.5%.