The benchmark crude WTI fell 1.33% to settle at $69.96 per barrel as markets digest the latest 25 basis point hike from the U.S. Fed.
Latest numbers from the Energy Information Administration indicate crude inventories in the U.S. rose by 1.1 million barrels in the week ending March 17. In addition, the Street is already talking of possible rate cuts later this year, as the recent banking issues may make financial conditions tight enough to slow down the economy.
Meanwhile, natural gas fell 0.8% to close at $2.154. Prices have dipped around 8% over the past five sessions alone.
In addition, the Energy Select Sector SPDR ETF (XLE) is 2.3% lower today and down 9.65% over the past three months. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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