Oil Stocks Give Back Gains After Reaching 52-Week Highs
2022.06.01 00:26
By Liz Moyer
Investing.com — After an early day bounce on Tuesday, energy stocks turned lower on reports OPEC could exclude Russia from its production agreement, which could make way for other large producing nations to raise their output.
The Energy Select Sector SPDR® Fund (NYSE:XLE) fund, which invests in big oil companies, hit a 52-week high earlier but then closed down 1.5% and was falling slightly in after-hours trading.
Shares of Exxon Mobil Corp (NYSE:XOM) fell 1.6%, Chevron Corp (NYSE:CVX) fell 2%, and Marathon Oil Corporation (NYSE:MRO) closed up 1.2%. All three oil stocks hit 52-week highs today.
The price of crude oil briefly surged to $120 a barrel on Tuesday but traded lower after word of OPEC’s possible move.
But many expect crude oil prices to remain elevated, especially now that the European Union has agreed to ban the purchase of Russian oil.
