The benchmark crude WTI gained 1.17% to settle at $72.67 per barrel. Prices have been trading between the $70 and $75 range over the past few days.
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As the OPEC+ meeting on June 4 draws closer, comments from Prince Abdulaziz bin Salman, the Minister of Energy for Saudi Arabia, warning oil short sellers to “watch out” remain important.
At the same time, Alexander Noval, the Deputy Prime Minister of Russia, does not anticipate any further cuts from OPEC+ next month. Meanwhile, natural gas fell 5.46% to close at $2.181 per MMBtu, falling nearly 45% lower year-to-date.
While U.S. debt ceiling negotiations enter the final lap, the United States Oil Fund ETF (USO) has corrected more than 5% since the beginning of the year. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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