Market News

Oil Trading Daily: Crude Oil Sinks after Powell Comments

The benchmark crude WTI fell by 3.58% to settle at $77.58 per barrel in today’s trading session. Most of the losses came after remarks from Fed Chairman Jerome Powell at Capitol Hill today, who expects interest rates to climb higher than initially anticipated.

Furthermore, Exxon (XOM) has been sued by the Equal Employment Opportunity Commission after five nooses were discovered at its unit in Louisiana.

Meanwhile, natural gas gained 4.47% to close at $2.687 after yesterday’s beating. Overall, prices have declined more than 40% so far in 2023.

Nevertheless, the Energy Select Sector SPDR ETF (XLE) has put on 0.79% over the last five sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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