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Why is the Woodside share price having such a strong start to the week?

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The Woodside Energy Group Ltd (ASX: WDS) share price is back with a bang after a mostly downhill run last week. And its rebound likely has the same instigator as its recent falls – oil prices.

The Woodside share price is $31.66 at the time of writing. That’s 1.77% higher than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.01% while the S&P/ASX 200 Energy Index (ASX: XEJ) has lifted 1.26%.

Let’s take a closer look at what’s going on with the ASX 200 oil producer on Monday.

The Woodside share price is lifting on Monday, likely on the back of rising oil prices.

On Friday, Australia woke up to news oil prices had continued their recent falls to reach their lowest point since Russia invaded Ukraine.

But the commodities’ value picked back up after the Australian market closed on Friday.

The Brent crude oil price lifted 0.8% to US$94.92 a barrel in the final session of last week while US Nymex crude oil price rose 0.5% to US$89.01 a barrel.

It’s worth noting that, despite the gains, they still ended 13.7% and 9.7% lower week-on-week.

Comparatively, the Woodside share price got off relatively unscathed. It fell just 2.7% over the course of last week.

And investors will be glad the stock still has a long way to fall before it reaches the long-term red. It’s currently 44% higher than it was at the start of 2022 and almost 44% higher than it was this time last year.

Meanwhile, the ASX 200 has fallen 8% so far this year and 7% over the last 12 months.

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