Energy Select Sector SPDR Fund (XLE) aims to provide before-expenses investment results that correspond with the price and yield performance of the Energy Select Sector Index companies. The fund follows a replication strategy and offers exposure to the United States energy sector and can be used as a tactical overlay for investors looking for exposure when oil prices show promise.
Oil prices rose on Friday on OPEC’s supply cut signals. Brent rose 4.4% for the week, and the West Texas Intermediate was set to rise 2.5%. Saudi Arabia signaled that OPEC could cut outputs. The United Arab Emirates also stated that the country was aligned with Saudi Arabia’s plans regarding the crude market.
