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Oil Trading Daily: Oil Gains to Close above $80
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Oil Trading Daily: Oil Gains to Close above $80

The benchmark crude WTI gained 1.07% to settle at $80.33 per barrel. Prices continue trying to find some momentum to stay above the $80 level.

European markets trended lower today, and the U.S. government is set to reach its limit of $31.4 trillion in debt today. Treasury Secretary Janet Yellen has urged congress to protect the credit of the country.

Latest numbers from the American Petroleum Institute indicate oil inventories rose by 7.6 million barrels in the week ended January 13. Furthermore, optimism is ticking up after China reopened again, and the International Energy Agency anticipates global demand reaching a new high this year. It sees demand hitting 101.7 million barrels a day on the positive development.

Meanwhile, natural gas fell by 1.11% to close at $3.275.

Energy major Petrobras delivered 2.68 million boe/day output in 2022, surpassing its own target of 2.6 million boe/day. During the year, Petrobras notched oil production of 2.15 million barrels a day. Shares of the company have already gained 17% over the past month.

The Energy Select Sector SPDR ETF (XLE) is up 2.7% on a year-to-date basis.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • Exxon (XOM)
  • Frontline (FRO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)
  • ConocoPhillips (COP)
  • Chevron (CVX)
  • Bloom energy (BE)
  • Petrobras (PBR)
  • Occidental Petroleum (OXY)

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