Peabody Energy Corp (NYSE: BTU) shares are trading higher Tuesday alongside several other companies in the oil and energy sector amid an increase in the price of oil.
On Monday, oil prices fell to the lowest levels since February as lockdowns in China in response to surging COVID-19 cases caused demand fears. The oil markets have seen increased volatility since Russia invaded Ukraine.
WTI crude was up 6.74% at $100.65 at last check, while the international benchmark, Brent crude, was up 6.28% at $104.66.
The Labor Department reported an 8.5% increase in the consumer price index last month, representing the highest inflation growth since 1981. Gas prices jumped 18.3% and accounted for more than half the overall rise in costs.
See Also: 'Probability Of Stagflation Is Increasing': Experts React To 8.5% CPI Inflation, Highest Since 1981
Peabody Energy mines and sells coal through approximately 21 coal mines in the United States and Australia.
BTU 52-Week Range: $3.22 - $28.87
According to data from Benzinga Pro, the stock was up 13.5% at $29.18 at time of publication.
Photo: courtesy of Peabody Energy.
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