Market News

Oil Closes below $80/bbl, Hitting the Lowest Level since January

(First published: 13:30 ET)

WTI crude oil finished the day down roughly 6% to $78.74 while continuing its slide over the past few weeks.

A combination of global geopolitical tensions and weakening consumer demand continue to keep prices volatile. The EU could bring in a new set of sanctions on Russia (including a price cap on Russian oil) as the country mobilizes reservists and a referendum begins in four Ukrainian territories held by Russia.

U.S. natural gas is at $6.85, down over 3% amid rising stockpiles. The price is now down approximately 30% over the past month.

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)

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