The benchmark crude WTI fell 1.17% to settle at $70.04 per barrel in today’s trading session. A confluence of factors, such as a potential recession on the horizon, the Russia-Ukraine conflict, China’s moves around Taiwan, and global growth concerns, continue to keep sentiment subdued.
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The Organization of the Petroleum Exporting Countries (OPEC) now expects global oil demand at 2.3 million barrels a day. Last month’s production cuts by the organization failed to prop up oil prices for a sustained period of time.
Meanwhile, natural gas jumped 3.47% to close at $2.266 as prices continue to hover just above the psychologically important $2 level.
The United States Oil Fund ETF (USO) is also down 1.86% today and has tracked nearly 9% 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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