Market News

Oil Slides as Slowdown Jitters Continue and the Greenback Reigns Supreme

First Published: 5.44 a.m. EST

WTI crude oil remains volatile today and is down 3.41% to $76.60 as of 4:13 p.m. EST, continuing a downward trend that’s been in place since hitting its $122 high in June.

The latest hike by the Federal Reserve and an ever-strengthening U.S. dollar continue to send economic ripples globally, dampening oil prices in the process as inflation and higher borrowing costs impact consumer sentiment.

At the same time, the U.K. Pound had reached an all-time low against the greenback

U.S. natural gas is now at $6.91, up 1.26% but significantly lower from its August levels of approximately $10.

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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