Market News

Oil Trading Daily: Oil Falls as Banking Concerns Weigh on Market

The benchmark crude WTI fell 2.36% to settle at $66.74 per barrel in today’s trading session as markets continue to weigh risks in the banking sector and digest the latest rate hike from the European Central Bank.

Further, while crude supply remains buoyant, prices are now trading firmly below the $75 support level.

Meanwhile, natural gas plunged 7% to close at $2.338 MMBtu. Prices have now corrected roughly 48% since the beginning of the year.

In addition, the Energy Select Sector SPDR ETF (XLE) has corrected 2.84% over the past five sessions, indicating a weakness in major energy names. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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