The benchmark Crude WTI is up 0.43% to $80.90 today at 4.29 a.m. EST ahead of the key OPEC meeting on Sunday.
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Fed Chair Jerome Powell’s comments indicating slowing the pace of rate increases from December have increased optimism in the markets of a soft landing for the economy. A decrease in the pace of rate hikes could provide a fillip to demand and, in turn, oil.
The OPEC, in the meantime, is largely expected to maintain its current production schedule.
Natural gas is trading marginally lower by 0.31% to $6.91 today but the weekly chart suggests prices continue to see upward momentum.
The Energy Select Sector SPDR ETF (XLE) is up nearly 59% year-to-date.
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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