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Crude oil falls on demand concerns, bitcoin falls below $23,000

Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video transcript

BRIAN SOZZI: All right, now let's head over to Ines Ferre at the YFi Interactive. Ines.

INES FERRE: Yeah, Brian, and just taking a look right now at oil, I want to take a look at commodities because we are seeing WTI under pressure, down about 2.7%, just above $97 per barrel. Brent Crude also under pressure. A couple of factors weighing on prices. You've got US gasoline inventories, which rose last week. Also demand concerns growing, especially after the ECB rate hike announcement. And then you've got the return of supplies from Libya.

So we are seeing pressure for oil and stocks related to oil. So we're looking at energy stocks that are under pressure. XLE down 3.4% right now. You've got healthcare and consumer discretionary and material stocks. Those are outperforming.

And if we look at the NASDAQ 100, you can see Tesla up 6%, helping keep the NASDAQ above water right now. And then looking at the travel stocks, these are under pressure. So we're seeing quite a bit of red, especially with the airlines. Finally, I just want to mention crypto because we are watching Bitcoin below $23,000, that $23,000 level again, just above $22,700 right now, guys.

BRAD SMITH: All right, yeah, Bitcoin, that move that we're seeing certainly might be tied into one of the other names that you mentioned a moment ago, with Tesla announcing how much they had sold in BTC in the last quarter. Thanks so much. Yahoo Finance's own Ines Ferre. Our next guest says that hashtag #bondsandchill is a tag--