Market News

Oil Inches Upwards as Global Challenges Loom

WTI crude oil is up over 0.7% to $83.64 today at 4:07 p.m. EST after giving up yesterday’s early gains in a volatile session.

Russia’s force mobilization and talk of nuclear warfare were overshadowed by the U.S. Fed’s rate hike yesterday. While the dollar continues to rise, Japan is propping up the Yen after a long time.

With more rate hikes possibly in the offing, a lower demand scenario has pushed oil lower in recent weeks.

In the meantime, U.S. natural gas is down over 7% to $7.20, continuing its losing streak over the past month.

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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