The benchmark crude WTI fell 1.97% to settle at $68.09 per barrel amid a multitude of macroeconomic factors. This includes the crucial OPEC+ meeting on June 4 and a vote on the passage of the U.S. debt ceiling bill tonight.
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Further, manufacturing activity in China has fallen to a five-month low, which dashes hopes of strengthening global demand. Additionally, April JOLTS figures came in better than expected today at 10.103 million versus expectations of 9.775 million.
Meanwhile, natural gas slipped 2.62% to $2.266 today. Prices have corrected over 6% over the past five sessions amid expectations of tepid demand and milder weather conditions.
In tandem with oil and global indices, the United States Oil Fund ETF (USO) is also down 2.31% to $60.86 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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