Market News

Oil Trading Daily: Oil Closes Higher after Fed Rate Decision

WTI crude oil gained 1.77% to settle at $70.90 per barrel after the Federal Reserve hiked interest rates. Meanwhile, OPEC+ is likely to stick to an output of 2 million barrels per day (bpd) until the end of this year, according to a Reuters report.

On the other hand, natural gas plunged 7.54% to close at $2.171 per MMBtu.

Yesterday, the American Petroleum Institute reported that U.S. crude inventories rose to 3.3 million barrels last week while gasoline stocks dropped by 1.1 million barrels. Today, the U.S. Energy Information Administration  (EIA) reported that crude oil inventories increased by 1.117 million barrels on a week-over-week basis.

In addition, the Energy Select Sector SPDR ETF (XLE) is up 3.82% over the past five trading sessions but still remains 6.7% lower over the past three months. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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