U.S. energy stocks are back on top as crude oil scores 7th straight weekly rise

WTI and Brent crude oil futures each tallied their seventh consecutive weekly gain in their longest winning streaks since February 2022, on continuing strength from reduced supply from Saudi Arabia while global demand levels remain fairly high despite weakness in China.

While oil prices have marched higher, U.S. energy stocks have rallied recently to reclaim their spot as the market’s top performer for the first time since late 2022.