WTI crude oil closed 3.1% lower to $82.82 per barrel, as global economic worries continue to dampen sentiment and early strength from the OPEC production cut fizzles out.
While OPEC’s supply cut begins to take effect, the U.S. Energy Information Administration (EIA) sees Permian Basin output rising to about 5.45 million barrels a day in November.
Further, total output in the country is now expected to jump to over 9.1 million barrels a day in November. In another development, Exxon has exited Russia after its government terminated the company’s interests in the Sakhalin project, according to Reuters.
In the meantime, U.S. natural gas closed 4.2% lower to $5.745.
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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