The benchmark crude WTI closed 0.14% higher to settle at $73.77 per barrel. The latest numbers from the Energy Information Administration indicate U.S. crude stockpiles increased by 1.7 million barrels. The figure was higher than the addition of 0.7 million barrels last week.
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The disruption at the Colonial pipeline is anticipated to ease tomorrow. Saudi Arabia is slashing the price of its supplies to Asia and Europe amid tepid demand. The kingdom counts major Asian economies including China and India among its key customers. These countries have also been benefitting from Russian oil supplies shunned by Europe.
Meanwhile, natural gas has now tumbled below the $4 mark and closed 2.62% lower to settle at $3.71.
Worries about a global recession and a challenging 2023 continue to keep markets on the edge. The Energy Select Sector SPDR ETF (XLE) has dropped by about 0.03% over the last five trading sessions.
Despite recent price gains, Exxon shares have remained largely unchanged over the past month.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- Exxon (XOM)
- 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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