tiprankstipranks
Oil Trading Daily: Oil Closes at $70 per Barrel
Market News

Oil Trading Daily: Oil Closes at $70 per Barrel

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.

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.

Read full Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles