The benchmark crude WTI is up 0.36% to $71.41 today at 10.50 a.m. EST. Prices have slowly inched up 2.2% over the past five sessions while traders remain cautious over the uncertainty stemming from the Russia-Ukraine conflict.
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Suadi Arabia is extending its 1 million barrel a day output cut into August. Russia too has noted it will slash production by 500,000 barrels a day even as oil shipments from the country have been ticking higher for quite some time now.
Meanwhile, natural gas is down 2.57% to $2.67 today but is up a massive ~21% over the past month as expectations of hotter weather continue to support prices. The OPEC is meeting today and tomorrow in Vienna, Austria and any surprise announcements could send energy prices hurtling in either direction.
The United States Oil Fund ETF (USO) is also up 1.50% to $64.34 today but still remains nearly 6.3% lower 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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