⚡️Energy ETF Rises on Trade Deal and Oil Optimism; Chevron Leads on Venezuela Restart | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) rose 0.6% today, boosted by a new U.S.-Japan trade deal and rising crude prices. Chevron (CVX) led gains after receiving approval to resume operations in Venezuela. Other top performers included XOM, Williams Companies, Kinder Morgan, and ConocoPhillips.
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Thursday, July 24
XLE [+0.6%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has increased by 0.6% today, coinciding with a trade deal announcement between the United States and Japan, which includes raising tariffs on Japanese exports to 15%. This development has fostered optimism in global markets. Concurrently, crude oil prices have risen due to diminishing concerns over supply, as the U.S.-Japan agreements are expected to bolster demand for energy resources. Among the ETF's holdings, Chevron Corp (CVX) has been a significant contributor, with its stock price rising following a policy reversal that allows it to restart oil pumping operations in Venezuela. Other contributors include Exxon Mobil (XOM), Williams Companies (WMB), Kinder Morgan (KMI), and ConocoPhillips (COP), all of which have shown positive returns today.