Market News

Oil Strengthens Ahead of Key OPEC+ Meeting

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)

Disclosure

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