Zinger Key Points
- Crude oil has recovered from near $67 in mid-June amid hopes of demand recovery and pare down in Fed rate hike bets.
- China's economic malaise continues to remain an overhang on the commodity despite the recovery.
Major energy stocks were mixed in premarket trading on Tuesday as crude oil flat-lined ahead of the opening of the U.S. market.
Uneven Recovery: The WTI-grade crude, also known as light-sweet crude, was last trading at $80.70 a barrel, down 0.02% from the previous session close of $80.72 a barrel.
Black gold ended Monday's session down 0.65% amid the mixed close by the equity market in the U.S.
The commodity has been in recovery mode after dropping as low as $67.12 a barrel in mid-June.
See Also: Best Commodity ETFs Right Now
Worries concerning slowing demand from China – a gas guzzler due to its vibrant manufacturing and transportation sectors have kept a lid on oil's gains. This is despite select OPEC+ members announcing additional output cuts this year.
Oil's trajectory will largely hinge on how rapidly the global economy gets back on track following the damages inflicted by aggressive rate hikes and the withdrawal of stimuli measures.
Energy Stock Price Action: In premarket trading, Exxon Mobil Corp. XOM edged up 0.13% to $108.85, according to Benzinga Pro data.
Peer Chevron Corp. CVX edged down 0.20% to $160.04 and Occidental Petroleum Corp. OXY, in which Warren Buffett has placed heavy bets, was little changed with a slight negative bias at $63.71.
The United States Oil Fund, LP USO slipped 0.12% to $72.49.
Read Next: OPEC+ Just Announced Oil Output Cuts In A Surprise Move. Here’s How It Could Really Affect You.
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