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%.