Market News

Oil Continues Weak Momentum

First published: 8 a.m. EST

WTI crude oil closed down 2.1% to $79.52, breaking below the $80 mark.

While the chart setup suggests oil could be in for a further slide, the OPEC+ meet next week remains a key event to watch. Moreover, Russia’s recent referendums in Ukraine could potentially escalate the conflict adding to global jitters.

U.S. natural gas also fell 0.7% to $6.827 today, and a break towards lower levels could be in the offing as indicated by the chart.

EIA natural gas numbers of +103bcf yesterday indicated higher storage build-up than expectations.

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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