The benchmark crude WTI gained 1.81% to settle at $77.05 per barrel. Prices have been rangebound for nearly two months now, and the weekly chart setup suggests a breakout in either direction could be in the making.
Natural gas also finished higher, as it climbed 0.59% to close at $2.747. Nevertheless, Prices have now corrected roughly 70% over the past six months.
Occidental Petroleum’s fourth quarter numbers fell short of estimates. The company posted an EPS of $1.61 on revenue of $8.22 billion. Further, it has also instituted a share repurchase program of $3 billion alongside a 38% bump in its quarterly dividend.
Meanwhile, the Energy Select Sector SPDR ETF (XLE) has lost 5.7% over the past three months. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
Read full Disclosure
