Oil futures have been on a largely steady march upwards for much of 2023 baring periods of cyclical volatility. However, that hasn’t necessarily translated into a similarly spectacular stock price appreciation for major crude explorers and producers.
Given the recent tightness in the oil market and a significant risk premium triggered by fears of an escalation in the Middle East, both the global proxy benchmark Brent as well as the U.S. West Texas Intermediate (WTI) are north of $90 per barrel, at $93.31 and $90.34 respectively (11:03 EDT on October 20, 2023).
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