OPEC has maintained a 30 million per barrel daily quota on oil production, despite calls for cuts to allow prices to rise. However, the organization has seen production exceed the target over the past 11 months.
Still, it is worth noting that dating back to 1999, the first full year of trading for the sector SPDR ETFs, XLE’s average June loss is modest at less than half a percent, according to CXO Advisory. XLE is not one of the two worst SPDRs in June. That dubious distinction belongs to the Financial Select Sector SPDR (NYSEArca: XLF) and the Industrial Select Sector SPDR (NYSEArca: XLI).
Energy Select Sector SPDR
