⚡️Exxon, Chevron Lead XLE Higher Amid Venezuela Supply Concerns | Energy Sector Insights
Crude oil prices rebounded as geopolitical tensions escalated following former President Donald Trump’s order to block sanctioned Venezuelan oil tankers. (XLE) rose 2.0%, reflecting renewed bullish sentiment across energy markets.
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Wednesday, December 17
XLE [+2.0%]
Energy Select Sector SPDR Fund
Crude oil prices rebounded today following former U.S. President Donald Trump's order for a blockade of sanctioned Venezuelan oil tankers, which has escalated geopolitical tensions and positively impacted global energy markets. The Energy Select Sector SPDR Fund (XLE) reflected this bullish sentiment, currently showing a daily return of approximately 2.0%. Additionally, the Energy Information Administration reported a decrease in crude oil inventories by 1.3 million barrels for the week ending December 12. Among XLE’s holdings, significant contributors included ExxonMobil, ConocoPhillips, and Chevron, with Chevron confirming uninterrupted operations in Venezuela despite recent U.S. sanctions. Cargo deliveries have resumed at the state-run PDVSA terminal in Venezuela following a cyberattack, potentially enhancing Chevron's operational outlook amidst ongoing geopolitical challenges.