Market News

Oil Finishes above $80, Up 7% for the Week

WTI crude oil closed Friday’s trading session at $81.51, up $0.29, or 0.3%. For the week, WTI crude futures gained 6.9% as the market awaits the crucial OPEC+ meeting next week.

Oil prices are trending higher over the past few sessions as a spate of protests in China is leading to a relaxation in strict COVID-19 lockdowns. Further, the European Union has moved closer to a $60 per barrel price cap on Russian oil. The development is a step towards mitigating extreme volatility in energy prices in Europe as well as globally.

Natural gas finished the session down 2.6% to $6.56 today and could remain rangebound in the coming weeks even as colder weather sets in. The Energy Select Sector SPDR ETF (XLE) too has remained largely flat over the past month and is hovering at the $90.8 level.

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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