WTI crude oil closed 1.02% lower to settle at $77.49 per barrel. This is despite yesterday’s numbers from the U.S. Energy Information Administration indicating that oil inventories in the country dropped by 5.89 million barrels. The figure was much wider than the Street’s estimates.
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The fall in oil prices comes as COVID-19 cases continue to rise in China, and lingering questions about robust demand remain.
In the meantime, natural gas also fell, settling 6.2% lower to close at $4.999. The double top formation on the weekly chart indicates prices could remain subdued.
Furthermore, the Energy Select Sector SPDR ETF (XLE) is down 1.9% at the time of writing.
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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