Oil Falls, Energy Stocks Flat As Fears Of Demand Drop Eclipse Israel-Hezbollah Conflict Escalation
Portfolio Pulse from Piero Cingari
Oil prices fell by over 1% due to concerns about global demand, despite escalating conflict between Israel and Hezbollah. U.S. energy stocks, tracked by the Energy Select Sector SPDR Fund (XLE), remained flat. The conflict in the Middle East is intensifying, with significant military actions and international responses.
September 23, 2024 | 8:11 pm
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NEUTRAL IMPACT
The Energy Select Sector SPDR Fund (XLE) remained flat despite a drop in oil prices by over 1% due to global demand concerns. The geopolitical tensions in the Middle East did not significantly impact the fund's performance.
XLE tracks U.S. energy stocks, which remained flat despite a drop in oil prices. The market is more focused on global demand concerns than geopolitical tensions, which explains the lack of movement in XLE.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80