Oil Stocks Had a Great Run. Now It's Time to Sell.

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

The main ETF holding oil stocks has more than tripled from the low it hit early in the pandemic. Don't expect to ride it higher.

The main exchange-traded fund holding oil stocks is up more than threefold from the low it hit early in the pandemic. Don’t expect to ride it higher.

West Texas Intermediate crude is now at about $78 a barrel, up from negative territory in April 2020. But WTI, and oil stocks, just can’t seem to surpass certain levels. Both of those levels are so-called long-term resistance, or points at which sellers have come in for more than 10 years now. Worse news in the Middle East or better-than-expected economic demand could send oil prices and stocks up toward those resistance levels, but it would take a significant surprise on either front to send prices above them.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Stocks extend run as markets see Fed rate cuts on the horizionStocks will enter this week much as they ended last, with investors looking for Fed rate cuts amid a modestly slowing economy and a cooling labor market.
Source: startelegram - 🏆 248. / 63 Read more »

Stock Market Today: Stocks slide, Treasury yields rise as bears test peak rate betsStocks are closely tracking Treasury yields Tuesday, ahead a key three-day run of new bond auctions, as markets test recent bets on peak Fed rates.
Source: startelegram - 🏆 248. / 63 Read more »

Stock Market News Today: Dow, S&P 500 Slip; Tesla, WeWork Stocks in FocusLive coverage of stocks and financial news, including the S&P 500, Dow and Nasdaq Composite.
Source: WSJ - 🏆 98. / 63 Read more »