Oil Trends Lower on Rising Global Worries

WTI crude oil closed 1.63% lower in today’s session to $91.13, displaying weak sentiment after last week’s spectacular gains.  

While last week’s gains came after a 2-million-barrels-per-day supply cut from OPEC+, the market is beginning the week in the face of an escalating Ukraine-Russia conflict, bond market turmoil in the U.K., and a focus of U.S. energy names on maximizing cash flows rather than pumping out more oil. 

U.S. natural gas also closed lower to $6.435, equating to a loss of 4.64%.

Here are some stocks that could be affected by this news:

• Energy Select Sector SPDR Fund (XLE)
• United States Oil Fund LP (USO)
• ProShares Ultra Bloomberg Crude Oil (UCO)
• Exxon Mobil (XOM)
• Chevron (CVX)
• Occidental Petroleum (OXY)
• United States Natural Gas Fund LP (UNG)
• Cheniere Energy (LNG)

Disclosure