The benchmark Crude WTI is down 1.28% to $84.81 today at 4.23 a.m. EST after OPEC lowered its expectations for demand once again this year.
The anticipation of softening demand comes as the global economy continues to see uncertainty and challenges – both economic and geopolitical.
The organization though, sees oil demand increasing by 2.24 million barrels a day next year. At the same time, crude production in the U.S. is expected to rise to about 9.19 million barrels a day next month.
Natural gas, in the meantime, is hovering at $6.01, up 1.32% today already. With an expected drop in temperatures in Europe, prices continue to gain strength.
The Energy Select Sector SPDR ETF (XLE) is now up nearly 13% over the past month.
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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