XOM - Oil Prices Under Pressure As COP28 Climate Summit Agrees To Energy 'Transition' | Benzinga
Crude oil prices were trading under pressure on Wednesday after the COP28 climate summit ended with a historic agreement to shift away from fossil fuels and increase commitments to renewable energy sources.
Nymex WTI, the U.S. benchmark crude futures contract, was trading flat at $68.72 a barrel in early trade. This followed a 3.8% loss on Tuesday. The European benchmark Brent crude was also flat at $68.64 a barrel, following losses of 3.7% in the previous trading session. Both benchmarks were trading close to six-month lows.
The United States Oil Fund (NYSE:USO), an exchange-traded fund that tracks the price of light sweet crude, was down 0.2% in pre-market trade after losing 3.8% on Tuesday.
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