The benchmark crude WTI fell 1.32% to settle at $82.16 per barrel as markets digest the latest CPI print. Oil prices have been steadily inching up recently, with nearly 10% gains over the past month after a surprise production cut by OPEC+.
The strategic petroleum reserve in the U.S. has decreased by 1.6 million barrels during the week ending April 7. Emergency reserves in the country have now dropped to decades low level, and an expected replenishment by the government later this year is helping prices climb higher as well.
Meanwhile, natural gas fell 4.11% to close at $2.007 today. Prices have been under pressure over the past few months but could get a boost from cooling demand in hotter weather conditions.
The United States Oil Fund (USO) has also climbed over 2% in the past five sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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