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Fed Scare Takes Oil to Lowest Level for 2022
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Fed Scare Takes Oil to Lowest Level for 2022

The benchmark Crude WTI is down 0.46% to $73.91 today at 4.30 a.m. EST as concerns over a potentially aggressive tightening by the U.S. Fed persist. Oil prices have now retreated to the lowest level so far this year.

The latest numbers from the American Petroleum Institute indicate a decrease of 6.43 million barrels in U.S. crude stockpiles in the week ended December 2. The EIA anticipates oil output to rise to nearly 12.34 million barrels a day next year.

Natural gas, meanwhile, is up by 3.19% to $5.64 today but has dropped nearly 19% over the past month.

The Energy Select Sector SPDR ETF (XLE) too has now dropped by nearly 7.1% over the past month.

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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