WTI crude oil climbed 1.23% on Friday to settle at $76.32. The rise in oil prices has been fueled by Russia’s curb on exports and oil production. However, this has been offset by rising oil inventories as the official data from the U.S. EIA on Thursday indicated that the inventories increased by 7.648 million barrels compared to expectations of 2.083 million.
Oil stockpiles in the U.S. are at their highest level since May 2021. Meanwhile, natural gas rose by 5.92% to close at $2.451.
In addition, the U.S. Oil ETF (USO) is up by 0.93% at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.