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.
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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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