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Crude oil surges as S&P 500 looks to snap losing streak

Yahoo Finance's Ines Ferré breaks down the latest moves in energy markets and stocks.

Video Transcript

AKIKO FUJITA: Well, let's turn now to a look at how crude markets are performing. As we said, some hopes here rising that demand could pick up out of China with those loosened COVID restrictions. Let's bring in Yahoo Finance's Ines Ferre, who's tracking that for us this morning. Ines.

INES FERRE: Akiko, and we've seen quite a bit of volatility when it comes to crude prices when it comes to WTI. It's now in the red. It had been in the green. I'll tell you why in just a second. But also, Brent crude down 1%. And this decline that we've seen with crude oil, I had been speaking to Andy Lipow of Lipow Associates. He was telling me, look, fears of a recession and this longer than expected full reopening when it comes to China is what's really been bringing these oil prices lower.

As far as today's concern, we did get a headline about the Keystone Pipeline. That's the pipeline that runs between Canada and the US. And that producing a leak, so that had been shut down. So that's when you saw WTI spike higher. It's still-- it has now come back off of those session highs. Just to give you an idea of what this has done to equities related to energy, well, you're looking at XLE down 1/10 of a percent. Over the last four days, quite a decline when it comes to XLE. You can see here down almost 6%. And year to date, though, still the best performer out of the sectors, guys.