After dipping nearly 2% in early hours, the benchmark crude WTI is now down 0.74% to $74.86 today at 10.26 a.m. EST. The weakness in sentiment comes after China’s second-quarter GDP rose slower than expected at 6.3%.
Additionally, a resumption of oil production in Libya is also weighing on oil prices, which despite a recent rally, still remain 6.8% lower so far this year. Meanwhile, natural gas is bucking the trend and is up 0.41% to $2.55 today. Nonetheless, prices still remain 43% lower so far this year.
While production cuts from Saudi Arabia and Russia are largely expected to boost oil prices later this year, a slowing global economy could mean tepid demand and lower energy prices.
In sync with oil, the United States Oil Fund ETF (USO) too is down 0.28% to $67.28 today and remains 12.2% lower 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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