The benchmark Crude WTI closed down 3.5% to $74.25 today at after droppong nearly 4% over the last five sessions as worries over an aggressive stance by the U.S. Federal Reserve continue to dampen spirits.
Further, a $60 per barrel cap on the price of Russian oil by the European Union continues to add an extra dose of uncertainty in the market. Additionally, while China is slowly emerging out of strict COVID-19 restrictions, the OPEC+ body has kept its current 2 million barrel-a-day production cut in place.
The Energy Select Sector SPDR ETF (XLE) too has dropped by nearly 4.6% over the past month.
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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