The benchmark crude WTI fell 2.05% to settle at $80.83 per barrel in today’s trading session. Prices continue to remain steady after a stellar run over the past month. The price gains have come after production cuts from OPEC+ and partially easing inflation concerns.
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Meanwhile, Natural gas soared 7.62% to close at $2.275 per MMBtu. Prices remain firmly above the $2 mark after testing the crucial support level thrice over the past month.
The International Energy Agency has warned that the production cuts by OPEC+ could mean a supply-demand imbalance later this year while also weighing on the global economy.
The United States Oil Fund ETF (USO) has gained 6.6% so far this year. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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