Even as OPEC signaled that it may continue to restrict production oil prices fell by more than 7% last week, their worst decline in about a month...so why did oil prices fall, and why are oil ETFs among the worst-performers this year?
Beleaguered oil stocks are testing important support stretching back 3 decades. Will they hold the trendline again & resume their leadership or is the repeated testing of the trendline wearing it down, leaving it destined to fail sooner than later?
Energy stocks were under pressure Wednesday as crude-oil prices settled at a two-and-a-half week low and its biggest one-day loss in 6 weeks. The energy sector was the worst performer among the S&P 500 index’s 11 sectors.