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Oil prices climbed after four consecutive weeks of decline, bolstered by the United States’ plans to acquire crude for its Strategic Petroleum Reserve (SPR) and the Alberta wildfires, which sparked concerns over supply disruptions. Despite the release of lower-than-anticipated Chinese economic data, indicating a sluggish economy, oil prices remained unaffected. Market sentiment was instead influenced by the focus on increased refinery throughput in China, the second-largest oil consumer globally. According to an article on Reuters, the surge in prices was fueled by concerns over escalating wildfires in Alberta, Canada, which have resulted in significant shutdowns of crude supply. Fears of the wildfires intensifying contributed to the price uptick. Last week alone, approximately 300,000 barrels of oil equivalent per day (boepd) production was halted in Alberta. Benchmarks of Brent Crude Futures and U.S. West Texas Intermediate crude rose after witnessing the longest streak of weekly decline since last September. Given this, investors should take a look into a few ETFs that can be intriguing bets in the energy market. These include First Trust Energy AlphaDEX Fund ( FXN ), SPDR S&P Oil & Gas Exploration & Production ETF ( XOP ), Vanguard Energy ETF ( VDE ), Energy Select Sector […]
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