NEW YORK, January 3, 2026, 16:55 ET — Market closed
ConocoPhillips (COP) shares rose 3.3% to close at $96.70 on Friday, after trading between $93.13 and $96.94. About 7.0 million shares changed hands. 1
The rally put the Houston-based producer back within range of the $100 level as investors reopened positions after the New Year holiday. For oil-focused producers, shifts in crude prices and policy headlines can drive outsized moves in equities.
That sensitivity matters now as the market weighs a potentially well-supplied oil balance against flashpoints that can disrupt supply. The U.S. Energy Information Administration forecast Brent would average about $55 a barrel in the first quarter and remain near that level through 2026, highlighting how much of the sector narrative still hinges on oversupply risk. 2
U.S. stocks ended mixed on Friday. The S&P 500 rose 0.19%, the Dow added 0.66% and the Nasdaq slipped 0.03%, Reuters reported. 3
Other energy names also advanced. Exxon Mobil rose about 1.9%, Chevron gained about 2.3%, and Occidental Petroleum climbed about 3.1%, based on their latest closes.
Oil prices finished the day slightly lower, keeping the market’s focus on policy and geopolitics rather than momentum. Brent settled at $60.75 a barrel and U.S. West Texas Intermediate (WTI), the U.S. crude benchmark, settled at $57.32; OPEC+, the Organization of the Petroleum Exporting Countries and allies, meets on Sunday, and traders widely expect it to keep pausing output increases in the first quarter, Reuters reported. 4
Over the weekend, President Donald Trump said U.S. oil companies including ConocoPhillips and Exxon were prepared to spend billions to restore Venezuela’s oil industry, Reuters reported. “The company that probably will be very interested in going back is Conoco, because they are owed more than $10 billion,” said Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute. 5
For COP shareholders, the immediate question is whether the Venezuela talk becomes a concrete policy shift or fades into noise. Either way, it puts headline risk back on the screen for crude — and for producers that trade as a proxy for oil.
Before next session on Monday, January 5, traders will be watching how oil futures react to Sunday’s OPEC+ decision and whether U.S. officials add details on how Venezuela’s barrels might return to global flows. A round-number test near $100 is also likely to stay in focus after Friday’s jump.
The next company catalyst is earnings. ConocoPhillips said it will release fourth-quarter 2025 results before the market opens on Feb. 5 and hold a conference call at noon ET to discuss the quarter and 2026 guidance items. 6
The stock is trading within its 52-week range of $79.88 to $106.20, according to Nasdaq. A push above $100 would leave the April high as the next chart point; a drop back toward the low $90s would unwind Friday’s momentum. 7
