⚡️XLE Drops as Oil Prices Plummet on Middle East tensions, Pulling Down Key Stocks like Schlumberger, Phillips 66, and Occidental Petroleum | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) has dropped significantly by 2.1% during market hours on Tuesday. This decline coincides with a sharp decrease in oil prices, which fell over 5% in morning trading, marking the largest one-day drop in more than a year.
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Tuesday, October 15
XLE [-2.1%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has dropped significantly by 2.1% during market hours on Tuesday. This decline coincides with a sharp decrease in oil prices, which fell over 5% in morning trading, marking the largest one-day drop in more than a year. West Texas Intermediate (WTI) crude is now priced at $70 per barrel, influenced by Israeli Prime Minister Netanyahu's assurance that Iran's crude oil infrastructure will not be targeted. Major contributors to XLE's decline include ARA Corporation, Diamondback Energy, and Valero Energy, each experiencing notable losses. Additionally, upstream exploration and production companies faced steeper declines. Social media discussions highlight concerns about intensified shorting activity and geopolitical tensions impacting oil-related equities. Brent crude prices have also declined, reflecting broader market sentiment and correlating with XLE's performance.