Market News

Oil Continues to Weaken on Demand Woes

The benchmark Crude WTI is up 0.20% to $87.10 today at 6.10 a.m. EST. Nonetheless, an expected softening in demand by the OPEC, coupled with the weekly chart setup indicates the black gold could head lower in the coming periods.

Latest numbers from the American Petroleum Institute indicate U.S. stockpiles of crude decreased by 5.8 million barrels during the week ended November 11. Weekly numbers from the U.S. Energy Information Administration remain a key figure to keep an eye on today.

In the meantime, escalating Russia-Ukraine conflict with missiles landing in Polish territory and a ban on Russian oil by the European Union continue to keep markets jittery.

Natural gas too is down 0.85% today to $5.98 which indicates prices are losing steam fast.

The Energy Select Sector SPDR ETF (XLE) is now up nearly 5.1% over the past five days.

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)
  • Chevron (CVX)
  • ConocoPhillips (COP)
  • Occidental Petroleum (OXY)

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