The benchmark crude WTI gained 0.36% to settle at $80.71 per barrel, extending gains after the nearly 1.16 million barrel-a-day production cut from OPEC+. Russia already has a 500,000-barrel-a-day production cut in place.
The development overshadows the resumption of oil transport from Kurdistan. Oil prices have now surged 11.6% over the past five sessions alone. Furthermore, the key JOLTs job openings report came in much lower than expected, suggesting that the Federal Reserve’s rate hikes are having their desired effects.
Meanwhile, natural gas continues to demonstrate weakness due to higher supply and expectations of warmer-than-usual weather conditions. Prices have now corrected nearly 26% over the past month to close at $2.106 today.
In addition, the Energy Select Sector SPDR ETF (XLE) has put on a 3.06% gain over the past five sessions despite being down over 2% today. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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