The benchmark crude WTI fell 1.19% to settle at $79.74 per barrel. Prices have gained 4% in the past 30 days after a surprise production cut by OPEC+.
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Next, the direction rate hikes take after the U.S. Fed meets in May, and demand from China will decide where oil goes from here.
Meanwhile, natural gas gained 8% to close at $2.172. Despite the rally, supply glut and warmer weather continue to weigh on natural gas prices overall, which have corrected roughly 51% so far in 2023.
In addition, the Energy Select Sector SPDR ETF (XLE) has gained 1.74% on a year-to-date basis. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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