Shares of EV and clean energy vehicle companies, including Tesla Inc (NASDAQ:TSLA), NIO Inc (NYSE:NIO) and Rivian Automotive Inc (NASDAQ:RIVN), traded higher Monday amid an increase in oil prices and pressure on some countries to become less dependent on Russian energy.
Oil prices have been rising in the wake of Russia's invasion of Ukraine, as Russia is a major global oil producer.
Brent oil has been trading above $100 per barrel for the first time since 2014, while the American West Texas Intermediate benchmark traded up to about $95 Monday. Surging oil prices make the economics of renewables more attractive and is also a positive development for accelerated EV adoption.
From Last Week: Oil Prices Breach $100, Could Continue To Climb
TSLA, NIO, RIVN Price Action: Tesla closed up 7.48% at $870.43, Nio closed up 9.22% at $22.87 and Rivian closed up 6.51% at $67.56 on Monday.
Photo: courtesy of Tesla.
