Market News

Oil Trading Daily: Oil Gains despite Banking Tremors

WTI crude oil gained 1.35% to settle at $67.64 per barrel in today’s session despite markets remaining cautious amid the banking sector turmoil. Further, the $3 billion takeover of Credit Suisse (CS) by UBS (NYSE: UBS) seems to have done little to calm jittery investors.

Next, the big Fed decision on Wednesday will remain a key event to keep an eye on. Meanwhile, natural gas fell 4.92% to close at $2.223 today. Nonetheless, prices have corrected roughly 50% so far this year.

Furthermore, the Energy Select Sector SPDR ETF (XLE) has tanked about 8.8% so far in 2023. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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