The benchmark Crude WTI is up 0.64% to $72.50 today at 3.57 a.m. EST but prices remain at their lowest levels so far this year.
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Numbers from the Energy Information Administration indicate U.S. crude inventories declined by 5.2 million barrels as compared to about 12.6 million barrels in the preceding week.
Buoyed by record profits, Exxon is ramping up pay for its workforce. Average pay hikes are expected at 9%. Chevron has now amped up its capital expenditure plans by nearly 25% to $17 billion for 2023.
Natural gas, meanwhile, is also up by 1.24% to $5.79 today.
Despite recent weakness, the Energy Select Sector SPDR ETF (XLE) is still up 48.8% year-to-date.
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