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Oil Is Hot Again, But For How Long?
By Irina Slav - Feb 18, 2021, 7:00 PM CST
From the pariah of industries last year, energy has become a Wall Street darling once again. In the year to date, energy has gained 17 percent on the S&P 500. Thanks to a rally in oil prices and expectations of an economic recovery from the pandemic, it is the S&P 500 s best-performing sector.
The catastrophic events in Texas this week lent a hand to the rally as the deep freeze in the state led to a national oil production slump of 30 percent, sending WTI above $61 a barrel. By Thursday, the slump in production had reached 40 percent, according to traders and industry insiders quoted by Bloomberg. As usual, all this has prompted analysts to revise their expectations for oil prices and the energy industry. ....

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