WTI crude oil gained 2.7% to settle at $79.56 per barrel in today’s session. After the recent bout of weakness, prices indicate a buildup of support.
Further, a larger-than-expected draw on oil reserves in the U.S. (inventories dropped by 5.89 million barrels, according to EIA) provides a sentiment boost.
At the same time, the emerging COVID-19 scare from China could lead to travel restrictions around the globe, which could act as a dampener.
Meanwhile, natural gas also increased today by settling at $5.079, which equates to a gain of 1.6%. In addition, the Energy Select Sector SPDR ETF (XLE) jumped by 3.19%.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- ConocoPhillips (COP)
- Chevron (CVX)
- Occidental Petroleum (OXY)
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