The Woodside Energy Group Ltd (ASX: WDS) share price is lifting into the green during afternoon trade on Friday.
At the time of writing, the share is trading 0.3% higher at $32.07 on no news. In broad market moves, the S&P/ASX 200 Energy Index (ASX: XEJ) is up 0.43% on the day.
It's also proving a good day for Woodside's ASX oil share peers. The Santos Ltd (ASX: STO) share price is up 1.04% in late afternoon trade, while the Beach Energy Ltd (ASX: BPT) share price is rising 1.11%.
Meanwhile, Brent Crude is trading around 0.24% down at US$106 per barrel after moving in sideways territory throughout July.
The oil benchmark is now down from its 9 June highs of US$120 per barrel, pointing to a potential cooling in prices.
What does this mean for the Woodside share price?
Despite its recent volatility, forecasts remain strong for the price of oil, which could weigh on the Woodside share price.
"Shell CEO Ben van Beurden told Bloomberg TV on Thursday that there is more upside than downside for oil prices as 'demand hasn't fully recovered yet and supply is definitely tight'," Trading Economics reports.
"TotalEnergies CEO Patrick Pouyanne shared the same view, saying oil production could not keep up with recovering demand," it added.
Meanwhile, the risk of recession continues to be a weighting factor on global oil markets. With the US Fed raising its policy rates another 75 basis points this week, talk of economic slowdown has grown.
"It certainly feels like we are back in trade-off mode again, where sentiment is shifting between recessionary risks in H2 and a fundamentally undersupplied market," Stephen Innes of SPI Asset Management told Reuters.
The movement of the oil price has been reflected in the Woodside share price over the past 12 months, as seen on the chart below.
Woodside has gained more than 46% this year to date and is up 45% for the past 12 months.
