Energy sector tracker rises to more than 3-year high as oil prices spike

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The SPDR Energy Select Sector ETF XLE, +0.58% gained 0.5% in midday trading Tuesday toward the highest close since October 2018, and was the only S&P 500 SPX, -1.41% sector tracking ETF to gain ground, as crude oil prices spiked up to the highest prices seen since July 2014 as Russia’s invasion of Ukraine intensifies. Among the energy ETF’s (XLE) biggest gainers, shares of Occidental Petroleum Corp. OXY, +6.28% rallied 5.2% to a two-year high, APA Corp. APA, +4.46% advanced 3.3% toward the highest close since April 2019 and Chevron Corp. CVX, +3.13% jumped 2.7% toward a record high. The gains comes as continuous crude oil futures CL00, +10.11% shot up 10.5% to $105.79 a barrel, while the S&P 500 SPX, -1.41% fell 1.7%. Meanwhile, shares of Halliburton Co. HAL, -5.39%, which disclosed earlier this month in its 2021 annual report that it could hurt by increased sanctions imposed on Russia for invading Ukraine, dropped 6.1% to pace the XLE’s decliners.

This article was originally published by Marketwatch.com. Read the original article here.

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