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home / news releases / XLE - Oil prices tumble 5% - China Russia OPEC Iran

XLE - Oil prices tumble 5% - China Russia OPEC Iran

SPDR Select Sector Fund - Energy Select Sector
Oil prices (USO) fell ~5% ahead of the US equity market open Monday, following bearish news over the weekend:  Lockdowns - Shanghai entered a two-stage lockdown in an attempt to control Covid infections; Shanghai is home to ~26m people. Ukraine - the Kremlin said peace talks could get under way Tuesday, following further comments from Zelensky indicating Ukraine would be ready to discuss "neutrality." OPEC - the cartel is set to meet Thursday to discuss lifting production targets for May. Iran - US Secretary of State Blinking opened the door to removing the terrorist designation for Iran's Revolutionary Guard Corps as part of an Iran deal. Oil stocks (XLE) are up ~40% year-to-date on the back of bullish supply, demand, and geopolitical headlines; Kosmos (KOS) and Occidental (OXY) up more than 100% so far in 2022.

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Oil prices tumble 5% - China, Russia, OPEC, Iran
Stock Information
Company Name: SPDR Select Sector Fund - Energy Select Sector
Stock Symbol: XLE
Market: NYSE
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