Market News

Oil Climbs Despite Biden’s Efforts to Subdue Prices

WTI crude oil closed 0.5% higher to $85.98 per barrel while the U.S. Government maneuvers the emergency reserves to rein in prices.

The Biden administration will look to replenish inventories when prices hover between $67 to $72 per barrel. America’s emergency oil stockpile stands at a little over half its capacity at present and the Government is effectively using it to check volatility and has not ruled out subsequent releases from the reserves over the next few months.

At the same time, the President has called on energy producers to look beyond maximizing investor returns and pass on cost savings to consumers given the current geopolitical environment.

Further, concerns remain that a depleted strategic reserve could add to problems in case of any subsequent challenges.

In the meantime, U.S. natural gas closed 1.9% lower to $5.358.

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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