The benchmark crude WTI fell 2.23% to settle at $77.90 per barrel. Markets remain on edge as the crucial FOMC verdict on February 1 looms. All eyes now remain on hints at when the interest rate cycle will peak, and the U.S. employment report this week also remains a key event.
Higher rates and inflation have also led to a 0.2% contraction in the German economy. Natural gas finished 6.04% lower to close at $2.677, and the bottom still does not appear in sight. Prices are now back to lows last seen in April 2021.
Elsewhere geopolitical tensions remain on the boil. Ukraine is receiving its long-demanded wishlist of weaponry, Israel has carried out a drone strike in Iran, and a bomb blast took place in Peshawar, Pakistan.
The Energy Select Sector SPDR ETF (XLE) is holding onto its massive gains and is still up 44.31% over the past 52 weeks. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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