Will Oil’s Recovery Fade Away?
On August 20, US crude oil October futures rose 0.3% and settled at $65.42 per barrel. Short covering might have supported the oil prices. On the same day, the Energy Select Sector SPDR ETF (XLE) rose 0.7%. The small rise in energy stocks might have contributed to the 0.2% and 0.3% rise in the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA), respectively, on August 20. Read Oil Could Impact US Equity Indexes’ Upside to learn more.