The benchmark crude WTI gained 0.62% to settle at $74.76 per barrel in today’s session. Prices have drifted lower recently as macroeconomic uncertainty, recession worries, and concerns in the banking sector overshadow the production cuts from OPEC+, which could mull another production cut if weak demand sentiment persists.
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OPEC took a stand against the International Energy Agency (IEA), accusing them of undermining the industry’s investments and misrepresenting the actions of OPEC+. OPEC emphasized that they were concentrating on market fundamentals rather than simply manipulating oil prices and countered the IEA’s claim that oil is responsible for higher inflation by pointing out other factors impacting markets. The relationship between OPEC and the IEA has become increasingly strained, with disagreements over global decarbonization approaches and differing opinions on output rate increases.
Furthermore, natural gas gained 2.17% to close at $2.355 per MMBtu as it continues to hold above the $2 mark.
Although oil gained today, the United States Oil Fund ETF (USO) has corrected 3.65% over the past 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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