⚡️XLE Drops Amid Middle East Tensions; Equinor Rises, Valero and Baker Hughes Decline on Mixed Earnings | Energy Sector Insights
(XLE) has experienced a decline of approximately 0.5% today. This movement coincides with a surge in oil prices, which increased by around 2% due to heightened geopolitical tensions in the Middle East, particularly following Israeli strikes on Syria.
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Thursday, October 24
XLE [-0.5%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has experienced a decline of approximately 0.5% today. This movement coincides with a surge in oil prices, which increased by around 2% due to heightened geopolitical tensions in the Middle East, particularly following Israeli strikes on Syria. Concerns over potential disruptions to crude supplies are prevalent. WTI crude oil futures also rose amid ongoing supply concerns related to these conflicts. Within the ETF's holdings, notable contributors to the downward performance include ExxonMobil, Schlumberger, ConocoPhillips, Phillips 66, and Chevron, each posting negative returns. Additionally, Brent crude prices have dropped significantly, which may also influence the performance of XLE.