Crude oil hovers near a five-month high as reports weigh supply risks

Reports say crude oil prices were hovering near a five-month high. One report says prices surged on global supply risks, while another says they retreated from those highs. A third notes that oil prices eased as Wall Street futures rose and technology stocks recovered, so the reports differ on the direction of the latest move.

The reports point to two forces. Middle East supply fears and wider global supply risks are described as pushing prices up, while Russian sanctions relief is described as offsetting them. One report also links higher fuel oil prices to a rise in Canada's inflation rate to 3.1%, saying fuel oil prices jumped 58%.

Who feels it: when the price of crude oil rises, integrated oil and gas companies, exploration and production companies, equipment and services providers and storage and transportation firms can benefit. Passenger airlines, hotels and cruise lines, air freight and logistics, cargo ground transportation, commodity chemicals and packaging producers tend to pay more or lose margin. These are general tendencies, not certainties.

In our S&P 500 universe, on the last trading day ExxonMobil Holdings Corp moved +2.46%, Chevron Corp +2.59% and Conocophillips +3.37%, while United Parcel Service Inc moved -0.36%, Royal Caribbean Cruises Ltd -0.83% and Fedex Corp -0.67%. One day's move is not proof that oil caused it. Headlines change quickly, and company filings are the primary source.