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How ConocoPhillips Stock Reacted to Rising Crude Oil Prices Last Week?

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Crude oil prices moved upward

For the week ending June 22, crude oil (USO) prices increased strongly from $65.06 per barrel to $68.58 per barrel, a rise of more than 5.4%. The majority of the increase in crude oil prices came on June 22, when crude oil prices increased ~4.6% on volumes higher than the 30-day average.

On June 22, crude oil rose above its rising 50-day moving average. Crude oil’s 50-day and 200-day moving averages stood at $68.17 and $60.81, respectively, whereas crude oil is trading at $68.58.

Last week, natural gas prices were down ~2.6%. Natural gas prices decreased from $3.02 per MMBtu (million British thermal units) to $2.94 per MMBtu.

ConocoPhillips stock price

Due to the strong increase in crude oil (SCO) prices last week, ConocoPhillips’s (COP) stock price also increased by ~3.7%. By June 21, COP was trading down by half percentage point for the week. However, due to the strong increase in crude oil prices, COP gapped up by ~3.6% and closed the week with gains of ~3.7%. COP surpassed its rising 50-day moving average on higher-than-30-day-average volumes. As of June 22, COP’s 50-day moving average and 200-day moving average stand at $67.42 and $56.73, respectively, whereas COP is trading at $67.78.

Peers

Due to higher crude oil prices last week, the Energy Select Sector SPDR ETF (XLE)—which represents an energy sector of the S&P 500 Index—recorded a strong positive performance of ~1.3%. COP outperformed XLE last week. COP’s peer Devon Energy (DVN) and Marathon Oil (MRO) increased by ~7.5% and ~7.4% last week and also outperformed XLE.

In the next part of this series, we’ll look at COP’s correlation coefficients.

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