WTI crude oil finished 1.2% higher to settle at $76.09. Nevertheless, the black gold continues to display weakness in weekly charts.
Prices have now dropped roughly 30% over the past six months. Further, demand sentiment continues to remain weak amid a challenging global macroeconomic environment.
In the meantime, natural gas fell almost 9% to settle at $5.326, and the weekly chart setup suggests prices could be headed lower.
The Energy Select Sector SPDR ETF (XLE) has now dropped 4.05% over the past month alone.
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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