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.
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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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