WTI crude oil was trending higher today after the latest numbers from the American Petroleum Institute indicated oil reserves in the U.S. decreased by 3.07 million barrels last week. In addition, the Energy Information Administration released its weekly U.S. Crude Oil Inventories report, which saw inventories fall by 5.894 million barrels. As a result, WTI gained 2.7% to settle at $78.29 per barrel.
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The development comes even as the U.S. government looks to shore up its emergency reserves. The U.S. had released nearly 180 million barrels of oil to ease price pressures for consumers amid the present global geopolitical turmoil.
In addition, natural gas finished the day little changed at $5.332, but the weekly chart setup continues to suggest prices could be headed lower on top of the 11.4% decline over the past month.
Today’s positive performance for oil means that the Energy Select Sector SPDR ETF (XLE) is trading higher as well.
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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