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(XLE) has seen a decline of approximately 1.7% since Friday. Oil prices have dropped near $68.25, influenced by a stronger US Dollar and geopolitical tensions, while OPEC+ has postponed its meeting to December 5th amid discussions on supply limits.
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Monday, December 2
XLE [-1.7%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has seen a decline of approximately 1.7% since Friday. Oil prices have dropped near $68.25, influenced by a stronger US Dollar and geopolitical tensions, while OPEC+ has postponed its meeting to December 5th amid discussions on supply limits. This backdrop contributed to XLE's daily return of -1.65%. Additionally, XLE was reported to have declined by 1.59% earlier today, aligning with a broader market trend where eight sectors fell. Among the ETF's holdings, significant contributors to this downturn included ExxonMobil, ConocoPhillips, Chevron, Williams Companies, and EOG Resources, all reporting negative returns. The ISM Manufacturing PMI for November exceeded expectations at 48.4 but still indicated contraction, reflecting cautious sentiment in the market. Furthermore, WTI oil prices have decreased by 1.29%, likely impacting XLE's performance.