Energy Emerges Best Sector of the Week: 5 ETFs That Topped – Investing.com

Energy Emerges Best Sector of the Week: 5 ETFs That Topped – Investing.com

Oil price surged last week on rally in reopening trades. United States Oil Fund (NYSE:) LP USO added 4.2% last week while the S&P 500 advanced 2.2%. Meanwhile, brent crude United States Fund LP BNO gained 3.9% last week. In fact, this was the biggest weekly gain for oil since late August.

The rally was spurred by bets that the new COVID-19 variant Omicron may cause milder illness than previously feared, fears over further lockdowns have been eased and the economic-reopening-friendly investments jumped along with the broader market. Overall, last week was upbeat for Wall Street with the S&P 500, the Dow Jones, the and the gaining about 3.82%, 4.0%, 3.6% and 2.4%, respectively.

Oil prices staged a rally in most part of 2021. Global benchmark Brent has risen 38% this year, supported by output curbs led by the OPEC+ group of producers, though it has dropped from a three-year high above $86 in October.