U.S. Markets closed

Saudi Arabia Might Have Opened Door for Lower Oil Prices

Robert Scott
Saudi Arabia Might Have Opened Door for Lower Oil Prices

On October 22, US crude oil December futures rose just 0.1% and settled at $69.36 per barrel. The Energy Select Sector SPDR ETF (XLE) fell 1.1% on October 22. Meanwhile, the S&P 500 (SPY) and the Dow Jones Industrial Average (DIA) fell 0.4% and 0.5%, respectively. These equity indexes’ energy constituents are sensitive to oil prices.