The oil sector has been selling off lately...
The price of oil has fallen around 10% over the past two weeks. It
closed Tuesday near $53 per barrel. But that's still about 15% higher
than its January low.
Meanwhile, the general decline in the broad stock market is putting
pressure on oil stocks. The Energy Select Sector SPDR Fund (XLE) has
fallen more than 10% in the past two months. It closed Tuesday at just
more than $74 per share – the same price it was back in January.
In other words... oil is up 15% since January, but oil stocks are
trading at the same price. So it's time to ask the question... Have oil
stocks bottomed? (more)
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