The benchmark crude WTI closed marginally lower by 0.35% to settle at $70.86 per barrel in today’s session, as retail sales in the U.S. came in lower than expected.
While oil prices have corrected nearly 14% over the past month, the U.S. Department of Energy is looking to replenish the Strategic Petroleum Reserve by nearly 3 million barrels. The development comes after strategic reserves hit 362 million barrels during the week ended May 5.
Meanwhile, natural gas continues to steadily rise and has inched up 8.5% in the past five sessions, closing today at $2.36.
The United States Oil Fund ETF (USO) is also down 0.56% today and has now lost over 10% over the past six months. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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