WTI crude oil finished 1.92% higher to settle at $74.37 per barrel. The latest numbers from the Energy Information Administration indicate oil inventories in the U.S. declined by 7.5 million barrels in the week ending March 24.
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This was the largest inventory draw so far in 2023.
Meanwhile, natural gas fell 3.7% to close at $2.104 today. Prices have now corrected more than 20% over the past month as warmer weather creeps in.
Oil supply disruptions in Kurdistan, rising bonhomie between Russia and China as well as Saudi Arabia, and the Russia-Ukraine conflict continue to keep markets on edge.
In addition, the Energy Select Sector SPDR ETF (XLE) is up 0.31% today with 4.12% gains 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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