WTI crude oil closed 0.55% lower to $84.58 per barrel today, as it appears to be on track toward the $80 mark. Investor sentiment continues to be more negative than positive, as recession fears continue to be at the forefront of people’s minds.
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As a result, many are expecting a slowdown in oil demand, especially after oil-producing began cutting their output. In addition, a strong U.S. dollar makes purchasing oil more expensive for foreign countries since they have to convert their local currencies into USD.
On the other hand, U.S. natural gas was up today, closing 4.84% higher to $5.199.
Here are some stocks that could be affected by this news:
- Energy Select Sector SPDR Fund (XLE)
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- Exxon Mobil (XOM)
- Chevron (CVX)
- Occidental Petroleum (OXY)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
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