The benchmark crude WTI gained 1.14% to settle at $78.76 per barrel in today’s trading session. Oil prices have essentially given up most of the gains made after production cuts from OPEC as recession concerns coupled with weakening demand continue to weigh on sentiment.
Moreover, with multiple data points, including U.S. GDP and consumer confidence, coming up, traders remain cautious. Further, the crucial U.S. Fed meeting next week remains a key event to keep an eye on.
Meanwhile, Natural gas also gained 1.79% to close at $2.273 per MMBtu as it continues to hover above the $2 mark.
Furthermore, the United States Oil Fund ETF (USO) is also up 1.53% at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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