WTI crude oil fell 0.7% to settle at $78.96 in today’s trading session. Over the past couple of weeks, prices have been gradually gaining support as China emerges out of COVID-19.
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Further, in response to the $60 price cap on Russian oil, President Vladimir Putin has banned contracts that are in line with the cap. The move goes into effect from February next year. Consequently, crude seems to be finally finding its footing after months of weakness.
Meanwhile, natural gas declined 10.8% to close at $4.709, and the chart set up indicates further price weakness could be on the cards.
The Energy Select Sector SPDR ETF (XLE) has now put on 19.18% gains over the past six months.
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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