The Woodside Energy Group Ltd (ASX: WDS) share price is defying the market's tumble on Tuesday. Its strong performance follows a good night for oil prices.
Right now, the Woodside share price is $36.01. That's 0.73% higher than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.59% so far today to trade at 7,091.9 points at the time of writing.
Let's take a closer look at what's bolstering the Woodside share price above the market's fall today.
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What's going right for the Woodside share price today?
The Woodside share price is outperforming alongside many of its oil-producing peers today.
The stock is one of many driving the S&P/ASX 200 Energy Index (ASX: XEJ) to trade in the green, defying the market's downturn. The energy sector is currently up 0.46% – making it the ASX 200's best-performing sector so far today.
Its gain follows a strong night's trade for oil. The Brent crude oil price rose 1% to US$79.80 a barrel overnight while the US Nymex crude oil price gained 1.2% to US$75.19 a barrel.
The black liquid's value lifted amid rising hopes China might relax its COVID-19 restrictions, thereby likely increasing demand for the energy commodity, Reuters reports.
Its gains also come despite concerns the United States could fall into a recession after the nation's Federal Reserve continued to battle rampant inflation with back-to-back rate hikes last week.
A rise in oil prices tends to drive Woodside's stock higher. That's because much of the company's earnings depend on the commodity's value. The higher the oil price, the more cash the oil producer can bring in.
Joining Woodside in the green today is the Santos Ltd (ASX: STO) share price. It's gained 0.35% at the time of writing.
Meanwhile, fellow oil stock Beach Energy Ltd (ASX: BPT) is suffering alongside the market, falling 0.62%.
