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Upstream Space Might See Upside This Week

Robert Scott
Upstream Space Might See Upside This Week

On November 2–9, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.6%—the least among major energy ETFs. US crude oil prices just above $60 and a fall of 4.7% last week due to supply concerns might have either dragged or limited the upside in upstream energy stocks. However, Saudi Arabia’s announcement on November 11 about reducing its exports by half a million barrels per day in December might bring a small pause to oil’s fall.