Crude oil flat, Exxon jumps after earnings

Yahoo Finance's Jared Blikre details the action surrounding the crude oil market and energy sector.

Video Transcript

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- Welcome back to Yahoo Finance. Well, oil taking a bit of a dip today falling below $89. Goldman Sachs' speculation is OPEC Plus could go further than expected to add supply. With more on the energy sector and how crude settled, let's bring in Yahoo Finance's Jared Blikre. And that meeting happening tomorrow, Jared, so I guess all will be revealed then.

JARED BLIKRE: Yes, and we're going to be on pins and needles for that. In the meantime, crude oil basically flat, just settled at $88.20. Still moving the electronic market, but you can see some pretty sideways, choppy action for the day. Now, on a longer-term basis-- this is a three-month chart-- you can see definitely in an uptrend here. And we've just been hanging out just under $90 per barrel, which, by the way, is a price that Brent Crude oil traded overseas has been trading at very recently.

Also, want to check on the energy sector. We've been getting energy earnings this week. This morning, it was Exxon. They're increasing production next year. These guys are flush with cash. This is a three-month chart. And you can see this acceleration to the upside here. Huge day for ExxonMobil, and I was just taking a look at a max chart. This is going to go back-- all the way back to the 1980s.

And you can see basically from 2005 and on, Exxon has been dead money. We did have this what I would call a false breakdown, huge breakdown. That's, of course, related to the pandemic, to the downside. But really climbing back within that range. I wouldn't be surprised by the end of this run for XLE and crude oil to see it test the upper end of its range, knocking on the door of $100 per barrel. So pretty interesting to see the developments in the energy market. I'll show you Chevron as well, which has been hitting record highs. So advancing a little bit more than Exxon very recently.