Market News

Oil Trends Lower in Early Trade

As the mayhem in crypto markets continued to spill over to markets globally, the benchmark Crude WTI too is down 0.57% to $85.34 today at 4.02 a.m. EST.

The weekly chart suggests the black gold could be headed higher in the coming period after the current bout of weakness subsides.

The latest print from the Energy Information Administration indicates crude inventories increased by 3.9 million barrels last week, higher than the market’s anticipated levels.

Natural gas in the meantime continues to trend lower and is down 1.08% to $5.80 today. Prices are now dangerously close to lows last seen in July.

The Energy Select Sector SPDR ETF (XLE) is now down 4.89% over the past five days.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)
  • Chevron (CVX)
  • ConocoPhillips (COP)

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