ASX 200 energy and materials shares are leading the market on Monday

It’s a good day to be an ASX 200 energy or materials share.

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The S&P/ASX 200 Index (ASX: XJO) is in the green today, bolstered by the energy and material sectors.

At the time of writing, the ASX 200 is 0.38% higher than it was at Friday’s close. It has gained 28.9 points today.  

Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) has gained 1.26%, while the S&P/ASX 200 Energy Index (ASX: XEJ) is up by 1.32%.

Let’s take a look at what’s been driving the materials and energy sector to lead today.

ASX 200 supported by energy and materials sectors

It’s a good day to be an energy or materials share, with each index housing a sea of green.

The energy sector might be being boosted by the rising price of oil today.

According to CNBC, the price of West Texas Intermediate oil has surpassed US$70 a barrel today. It’s currently trading at $70.04 per barrel. At the same time, the Brent Crude oil price is 0.44% higher today at $73.24 a barrel.

The Worley Ltd (ASX: WOR) share price is leading the energy sector, with a 2.9% gain. The Santos Ltd (ASX: STO) share price is following Worley’s closely, with that of Woodside Petroleum Limited (ASX: WPL) bringing up third place.

ASX 200 materials shares are also having a great day’s trade.

The Pilbara Minerals Ltd (ASX: PLS) share price is heading the materials sector, with a 6.5% increase. The share prices of Oz Minerals Limited (ASX: OZL) and Lynas Rare Earths Ltd (ASX: LYC) are also boosting higher, gaining 5.4% and 4.7% respectively.

Though, it’s not all positive on the materials front. The Resolute Mining Limited (ASX: RSG) share price is sliding 3.4% at the time of writing.

All in all, it’s a lucky thing the material and energy sectors are in the green, as the S&P/ASX 200 Information Technology (ASX: XIJ) is currently down 0.7%.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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