A slew of earnings tests loom for the energy sector. Next week, more than 55% of the components in XLE’s underlying index report fourth-quarter results. Energy stocks could be supported by decreased supply in the global oil markets.
OPEC issued a list of oil production cuts by its members and other major producers for the next six months starting January 1 to bolster confidence in the global crude oil markets as the cartel and its allies move to cut supply to combat the global glut, Reuters reports.
Rivals to XLE include the Vanguard Energy ETF (NYSEArca: VDE), iShares U.S. Energy ETF (NYSEArca: IYE) and the Fidelity MSCI Energy Index ETF (NYSEArca: FENY).
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