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.
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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