The Woodside Energy Group Ltd (ASX: WDS) share price is outperforming on Monday amid rising oil prices.
The black liquid's value is gaining on news a major United States pipeline will remain closed following an incident, Russia's response to a price cap on the nation's exports, and relaxing COVID-19 restrictions in China.
Right now, the Woodside share price is up 2.31% at $34.97.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.41%, and the S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.17%.
Let's take a closer look at what might be going on with the ASX 200 oil giant on Monday.
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What's driving the Woodside share price higher today?
The Woodside share price is out in front this afternoon, placing the company among the ASX 200's top-performing stocks as oil spends a day in the green.
As of the time of writing, Brent crude futures are up 0.6% at US$76.56 a barrel, and WTI crude futures have lifted 0.82% to US$71.60 a barrel.
That's likely good news for oil fans. Particularly as the energy commodity hit a 2022 low just last week.
It comes after the major North American Keystone Pipeline System was shut down last week after oil was confirmed to have leaked into a creek.
TC Energy – the company operating the pipeline – provided an update overnight. It said the product was contained, but it hadn't confirmed a timeline for restarting the service.
Meanwhile, it's been just days since Russian President Vladimir Putin said Russia may cut oil production in response to a US$60 per barrel price cap on the nation's oil agreed upon by Western powers, Reuters reports.
Finally, the energy commodity's price might be rising amid expectations that China's recent lifting of COVID-19 restrictions, as SBS covers, could bolster demand for the black liquid.
As an oil producer, Woodside's bottom line mainly depends on the energy commodity's value. The higher the oil prices, the more profit the company can rake in.
Thus, its climbing oil prices are behind the Woodside share price's Monday gains.
