Oil prices are back in focus again in Wall Street, with crude futures (CLV23) spiking to 10-month highs earlier this week on reports that Saudi Arabia and Russia would extend production cuts through the end of the year.
After a sluggish start to 2023, pressured by high interest rates and expectations for an imminent recession, it seems the energy sector is now back in the driver's seat. Over the past three months, the S&P 500 Energy Sector SPDR (XLE) is up more than 12%, while the broader S&P 500 Index ($SPX) is just 4% higher.
