Oil prices (CL=F, BZ=F) have reached a plateau after breaching the pivotal $80 threshold in mid-March. Yahoo Finance's Ines Ferré breaks down the details, offering insights into the various factors influencing the price of oil such as the Opec+ production cuts and the fluctuating demand from China.

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Editor's note: This article was written by Angel Smith

Video Transcript

BRAD SMITH: Here, let's talk a little oil. Oil prices pulling back from a 5-month high as investor caution creeps in. Here with the latest on the slippery slope is Yahoo Finance's Ines Ferré. Hey, Ines.

INES FERRE: Hey, Brad. Yeah. Right now, we are seeing oil that's inching a little bit higher. Right now, we're looking at oil futures that are up 8/10 of a percent. For WTI, up above $83 per barrel. Brent crude is also higher. Not a lot of movement today, but adding to yesterday's 2% move. And this is actually kind of a bullish sign because, if you take a look at where we're at last week, we broke above $80 a barrel. So the fact that it is just hanging out around 83 for West Texas Intermediate, that's a little bullish. And some analysts are expecting now that you may see a pullback in the near future.

But what is driving all of this? Well, let me count the ways. Many ways here. But-- First of all, you've got the OPEC+ cuts that are still going on. You also have China data recently that came out that was positive for demand. And then you've got falling inventories in the US. And, of course, you have those drone attacks against Russian refineries, which has been driving oil prices higher.

But let me show you one other point that I want to mention, and that is rel-- energy-related stocks. Year-to-date, I want to pull up this chart. Take a look here. The second best performer among the sectors, up 9.4% for XLE. So there has been a rotation going into these energy-related stocks, guys.

BRAD SMITH: Ines, that's excellent breakdown and coverage as always. Thanks so much. Appreciate it.