The benchmark crude WTI fell 3.12% to settle at $76.41. The broader markets rallied after U.S. Federal Reserve raised its interest rate by 25 basis points. In addition, OPEC has agreed to maintain its current production schedule after the meeting today.
Over the past few weeks, macro data has been indicating cooling inflation, but the 4.4% growth mark in core inflation in December still remains high. The latest numbers from the American Petroleum Institute indicate oil inventories increased by 6.33 million barrels in the week ended January 27.
Meanwhile, natural gas declined by 8.05% to close at $2.468 as prices continued to weaken.
The Energy Select Sector SPDR ETF (XLE) is still holding onto its gains and is up 8.09% so far this year. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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