Market News

Saudi Minister’s Comments Could Mean Higher Oil Prices Near Term

The benchmark Crude WTI is down 0.23% to $87.71 today at 5.23 a.m. EST and is indicating a coming upmove after trending gradually lower from its June highs. The black gold is now up nearly 3.2% over the last five days.

Energy stocks continue to show strength at a time when major technology names are reeling under pressure.

While EIA numbers indicated a 2.6 million barrel buildup for the week, Saudi Arabia’s Energy Head has remarked that the usage of strategic reserves could cause pain in the coming period.

U.S. natural gas is marginally up 0.05% to $5.61 today. In the meantime, The Energy Select Sector SPDR Fund (XLE) is now up 26.4% in the past month alone.

Here are related tickers for this article:

  • 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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