WTI crude oil fell 0.24% on Tuesday to settle at $76.16 per barrel despite oil demand being expected to exceed supply as hopes of a recovery in Chinese demand rise due to the country’s reopening. Oil traders will be keeping an eye on Wednesday’s Federal Reserve meeting after the latest economic data has indicated that interest rates are likely to remain elevated for longer.
Meanwhile, natural gas continued to decline as it plunged 8.88% to close at $2.073.
In addition, the U.S. Oil ETF (USO) is down by 3.13% in the past five days. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.