Oil Could Reach $80 This Summer, But There’s A Catch

After having a year to forget in 2020, the energy sector has this year emerged as the best-performing of all 11 U.S. market sectors. Energy Select Sector SPDR ETF (NYSEARCA:XLE) is up 46.2% in the year-to-date, making the broader market S&P 500’s 12% gain appear pedestrian. Oil prices appear to have stabilized in the upper 60s with WTI price finding support around $65 per barrel while Brent is seeing support around $67 per barrel. The sector has a successful Covid-19 vaccination rollout and gradual recovery of the global economy to thank…