⚡️USO Gains on OPEC+ Production Cuts & Oil Price Surge, XOM Rises and LEU Falls | Energy Sector Insights
(XLE) has risen by 1.7% during Monday's trading, coinciding with a notable surge in oil prices. West Texas Intermediate crude has increased over 3%, reaching $71.50 per barrel, the highest level since late October.
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Monday, November 4
XLE [+1.7%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has risen by 1.7% during Monday's trading, coinciding with a notable surge in oil prices. West Texas Intermediate crude has increased over 3%, reaching $71.50 per barrel, the highest level since late October. This rally follows OPEC+'s decision to delay a planned production increase, maintaining a production cut of 2.2 million barrels per day through December due to ongoing market weakness and sluggish demand. The delay in production increases is expected to support crude oil prices amid geopolitical tensions. Additionally, significant contributors to XLE's performance include ExxonMobil, ConocoPhillips, EOG Resources, Schlumberger, and Valero Energy, all of which have experienced positive returns today.