If you haven’t noticed, the price of oil has been rising over the last year, and at $65/barrel for crude, it’s right near a 52-week high.
Interestingly, the S&P 500 Energy sector has diverged from the price of oil recently. Below is a chart that highlights price trends for the Energy sector (oil stocks) versus oil. Up until the stock market correction started at the end of January, the two were tracking relatively closely. Since the correction, though, oil stock prices have sold off hard and haven’t recovered, while the price of oil has bounced back to the very top end of its 52-week range.
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