ASX energy shares led the ASX 200 market sectors last week with a 4.32% gain over the five trading days.
Utilities shares were not far behind, with a 4.29% bump for the sector over the week.
Meantime, the S&P/ASX 200 Index (ASX: XJO) lifted by 1.71% to finish the week at 8,393.8 points.
Eight of the 11 market sectors finished the week in the green.
Let's review.
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Energy shares led the ASX sectors last week
ASX oil shares led the energy sector's uplift last week.
The sector's biggest company, Woodside Energy Group Ltd (ASX: WDS), had a strong week, with its share price lifting 4.29% to finish at $25.05 on Friday.
Ampol Ltd (ASX: ALD) shares rose by 4.58% to $29.01 per share.
Viva Energy Group Ltd (ASX: VEA) ascended 4.57% to $2.63 per share.
The Santos Ltd (ASX: STO) share price rose by 2.90% to $6.92 per share.
Beach Energy Ltd (ASX: BPT) shares gained 2.39% to close at $1.29 per share.
Karoon Energy Ltd (ASX: KAR) shares increased by 2.2% to close at $1.40.
Global oil prices continued to rise last week due to developments in Russia's war on Ukraine.
Tensions were raised when United States President Joe Biden gave Ukraine permission to fire US long-range missiles into Russian territory.
Russia said it would amend its nuclear doctrine to state that any country attacking it (e.g., Ukraine) that is being supported by a nuclear power (e.g., the US) may warrant a nuclear response from Russia.
Last week, Brent crude oil rose by 3.4% to just over US$74.25 per barrel at the close of business on Friday.
Analysts at Trading Economics said the market was looking ahead to the OPEC+ meeting on 1 December.
There is speculation that the group may once again postpone increases in oil output.
The analysts said:
The producer group had planned gradual output increases for 2024 and 2025, starting last October, but slowing global demand has recently delayed the plan.
This comes as China, a top importer, continues to struggle with weak economic growth and low demand.
Major ASX 200 coal shares also had a good week, despite Newcastle coal futures falling to their lowest level since September at just under US$142 per tonne.
The fall is due to ample supply out of China and greater availability of alternative power sources.
Yancoal Australia Ltd (ASX: YAL) shares outperformed their peers, rising 7.36% to $6.64 on Friday.
Whitehaven Coal Ltd (ASX: WHC) shares rose by 2.76% to $6.90.
New Hope Corporation Ltd (ASX: NHC) shares lifted 0.72% to $4.87 by the end of the week.
The largest ASX uranium shares also lifted last week as the commodity price rebounded sharply to US$82 per pound.
Trading Economics analysts said uranium hit a 52-week low of US$76.50 per pound on 8 November.
This occurred after Russia imposed restrictions on exports of nuclear fuel to the US. This was retaliation for the US banning imports of Russian nuclear fuel.
Paladin Energy Ltd (ASX: PDN) shares rose by 7.82% to close at $8.20 on Friday.
Deep Yellow Limited (ASX: DYL) stocks rose by 3.94% to $1.26.
Boss Energy Ltd (ASX: BOE) shares lifted 0.99% to $3.07.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Energy (ASX: XEJ) | 4.32% |
| Utilities (ASX: XUJ) | 4.29% |
| Consumer Staples (ASX: XSJ) | 1.95% |
| Financials (ASX: XFJ) | 1.8% |
| Materials (ASX: XMJ) | 1.69% |
| Industrials (ASX: XNJ) | 1.34% |
| Healthcare (ASX: XHJ) | 1.03% |
| Communication (ASX: XTJ) | 0.16% |
| Consumer Discretionary (ASX: XDJ) | (0.15%) |
| A-REIT (ASX: XPJ) | (0.16%) |
| Information Technology (ASX: XIJ) | (2.94%) |
