The benchmark crude WTI fell $0.41 to settle at $71.74 per barrel in today’s trading session. Prices have failed to hold onto earlier gains after Saudi Arabia announced a voluntary one million barrel-a-day production cut.
Further, while OPEC+ is extending its production cuts into next year and is keeping output targets in place for the rest of 2023, Saudi Arabia’s output cuts leave place for other producers to make market share gains.
Meanwhile, natural gas gained $0.017 to close at $2.262 per MMBtu. Despite recent weakness, natural gas prices remain roughly 6% higher over the past month amid expectations of tepid demand and milder weather conditions.
In addition, the United States Oil Fund ETF (USO) is down 0.16% to $63.93 at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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