Market Pulse
Energy ETFs aim for best month on record as crude prices recover
Exchange-traded funds that track the energy sector were lower midday Wednesday, but were on track for their best month on record. The Energy Select Sector SPDR Fund (XLE) fell 1.5%, but has advanced 38.2% so far in November, its strongest monthly gain since 1998, when it was launched. The Fidelity MSCI Energy Index ETF (FENY) was down 1.4% Wednesday, and has gained 37.9% in the month to date, about the same as the Vanguard Energy ETF (VDE). The price of oil has gained as investors grow more confident in an economic recovery thanks to COVID-19 vaccines. On Wednesday, West Texas Intermediate crude for January delivery gained more than 1% at midday, to $45.35 a barrel on the New York Mercantile Exchange.
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 25, 2020 11:29 ET (16:29 GMT)
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