The benchmark crude WTI is down 0.56% to $79.41 today at 6.16 a.m. EST. Oil prices have been repeatedly testing the $80 barrier over the last few weeks and the black gold could gain new ground as suggested by weekly charts.
Prices have already climbed nearly 7% over the last five trading sessions and could be headed higher on the back of a softer CPI print in the U.S. and anticipated higher consumption from China.
Natural gas too is up a hefty 3.35% to $3.53 today already but expectations of supply remaining above demand could keep gas prices under pressure in the coming months.
Meanwhile, the Energy Select Sector SPDR ETF (XLE) has already put on 6.6% gains so far this month. Energy giant Exxon continues to ride investors’ growing appetite for the energy sector and is up about 60% over the past 52 weeks.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- Exxon (XOM)
- Frontline (FRO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- ConocoPhillips (COP)
- Chevron (CVX)
- Bloom energy (BE)
- Occidental Petroleum (OXY)
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