The benchmark crude WTI fell by 4.4% to settle at $69.46 per barrel in today’s trading session, falling below the $70 support level as the crucial OPEC+ meeting on June 4 comes closer.
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Additionally, markets also await a resolution to the U.S. debt ceiling drama with the June 5 deadline drawing near. Investors appear to be worried about the deal not passing smoothly through the House and the Senate.
While oil prices have corrected roughly 8% over the past month, any surprise on production targets from OPEC+ could lend support to prices in the near term.
Meanwhile, natural gas ended the day with a 3.72% decline to close at $2.327 per MMBtu. Nonetheless, natural gas still remains above the $2 support level.
In sync with oil, the United States Oil Fund ETF (USO) too is down 3.94% to $62.25 at the time of writing.
Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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