Market News

Oil Crosses $80 Mark ahead of OPEC Meeting

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.

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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