WTI crude oil continued to build upon the solid gains made yesterday, as it closed 3.3% higher at $86.39.
The black gold is on an uptick, owing to reports that the OPEC+ consortium could reduce output by as much as 2 million barrels a day compared to earlier reports of a 1 million barrel cut.
While a number of countries, including the U.S., have requested higher production levels, the group is expected to announce a production cut tomorrow.
Meanwhile, U.S. natural gas was also up 5.69% to $6.838 today but is still down significantly over the past month.
Here are some stocks/ETFs that could be affected by this news:
- Energy Select Sector SPDR Fund (XLE)
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- Exxon Mobil (XOM)
- Chevron (CVX)
- Occidental Petroleum (OXY)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)