the united states oil etf uso traded lower by 17 on monday on renewed concerns the federal reserve may not be able to navigate a soft landing for the us economy what happened the ism services pmi rose to 565 in november from 544 in october above expectations for a decline to 535 the higherthanexpected us services activity comes after the labor department reported the us economy added 263000 jobs in november ahead of economist expectations for 200000 new jobs the labor department also reported us wages were up 51 yearoveryear in november related link exxon mobil chevron shares continue rally following q3 earnings but which oil stock do wall street analysts prefer the data showing a persistently hot us economy have triggered concerns the fed will not opt to reduce the pace of its interest rate hikes in december as fed chair jerome powell recently suggested why its important wti crude oil prices fell 16 to 7868 per barrel and brent crude prices dropped 14 to 8438bbl on monday morning despite news over the weekend that opec which includes opec ally russia will be sticking to its plan to reduce output by 2 million barrels per day a new european union oil embargo on russia that was announced in may took effect on monday as the russian invasion of ukraine enters its tenth month in addition the g7 countries which includes canada france germany italy japan the united kingdom and the united states announced on friday that it would be capping the global price of seaborne russian oil at 60 per barrel as part of its sanctions against russia the price cap is intended to limit russian oil revenue while also allowing countries such as china and india access to muchneeded energy related link if you invested 1000 in energy transfer et stock at its covid19 pandemic low heres how much youd have now energy stocks were trading mostly lower on a down day for the market on monday heres a look at some of the biggest energy sector movers on monday afternoon benzingas take the energy sector is facing a bizarre scenario in which prices are falling even as opec cuts production the price action in the oil market and the broad sp 500 on monday highlights just how much investors are concerned about the health of the global economy and the potential for the federal reserve to plunge the us into a recession in the coming months