Energy ETFs Continue to Climb after OPEC+ Surprise March 5, 2021
Oil and energy exchange traded funds continue to rally, with crude prices at their highest level in almost two years, after the Organization of Petroleum Exporting Countries and its allies, or OPEC+, surprised markets by maintaining a cap on supplies despite a recovering global economic outlook.
Among the best performing non-leveraged ETFs of Friday, the
The
United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, were also up 3.1% and 3.4% respectively on Friday. WTI crude oil futures were up 3.7% to $66.2 per barrel, and Brent crude gained 4.1% to $69.5 per barrel.
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Indian investors can benefit from higher oil prices
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In the investing world, oftentimes, price gains happen too slowly to notice, whereas setbacks happen too quickly to ignore
(REUTERS)
Viram Shah
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On 20 April 2020, the price of crude oil turned negative for the first time in history. A brutal combination of weak demand due to worldwide lockdowns and producers unwilling to reduce output led to a scarcity of storage capacity. The situation turned so bad that oil producers were actually willing to pay buyers to store excess oil, hence the negative prices.
Since then, crude oil prices have bounced back strongly over the past few months to cross $60 per barrel on 17 February.
Will the Energy ETFs See a Sustained Rally? Zacks.com 2/16/2021
United States Oil Fund LP USO and
United States Brent Oil Fund LP BNO adding about 2.6% and 3.2%, respectively, past week. The real surge was noticed on Feb 12, when USO and BNO were up 2.5% and 2.8%, respectively. Freezing weather has instigated the oil rally.
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“Winter storm and arctic blast of cold weather that is making its way south to Houston may have some severe impacts on the oil industry.”“Frigid weather means that many oil wells may be shut in. Water is produced along with oil, that water can freeze up equipment,” oil analyst Andy Lipow wrote over the weekend, as quoted on CNBC.
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