Oil Ticks Higher Following Demand Recovery and U.S. Buyback Plan

U.S. West Texas Intermediate (WTI) crude settled at $75.19, up 1.2% on the possibility of a rise in demand for oil as China eased up on its COVID-19 restrictions. More importantly, last week, the United States Department of Energy announced that the U.S. Government will buy 3 million barrels of oil. The U.S. Government is doing this in order to replenish the country’s dwindling Strategic Petroleum Reserves.

Oil was on a downslide on Friday following a hike in interest rates from U.S. and European central banks, resulting in investors worrying about a possible recession.

Natural gas continued to drop, sliding 11.3% to settle at $5.851. The Energy Select Sector SPDR ETF (XLE) has shot up by more than 45% this year.

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)