Market News

Oil Surges Higher on OPEC+ Move

WTI crude oil closed today’s session with a gain of 5.21% to $83.63. This was on the back of OPEC+ weighing a production cut of 1 million barrels a day or more. The move comes after a nearly 25% slide in oil prices from June highs.

The development is a second consecutive production cut by the consortium in as many months and an expected drop in Russian oil supply could support oil prices as well. Nonetheless, global recession worries could be a counter force in this dynamic.

On the other hand, U.S. natural gas fell 3.98% to $6.497, as its recent downtrend continues.

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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