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Upstream Stocks Saw Massive Profit-Booking Last Week: What Now?

Kurt Gallon
Upstream Stocks Saw Massive Profit-Booking Last Week: What Now?

Upstream energy stocks saw massive profit-booking last week after rising for the fourth consecutive week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 upstream companies, fell 5.7% in the week. Last week’s decline can be attributed to the weakness in crude oil prices.