Oil’s huge surge in 2022 has completely reversed: Morning Brief

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Tuesday, November 29, 2022

Today’s newsletter is by Julie Hyman, anchor and correspondent at Yahoo Finance. Follow Julie on Twitter @juleshyman. Read this and more market news on the go with Yahoo Finance App.

The one trade that dominated most of 2022 has given up almost all of its gains.

Oil touched its lowest level of the year on Monday morning, a victim of concerns over political turmoil in China and a potential hit to demand.

Amid deep losses in both stocks in bonds and a cover-your-eyes plunge in crypto assets, oil prices surged in early 2022.

For oil stocks, the story was — and remains — even better.

Through Monday’s close, the Energy (XLE) sector had gained more than 60% this year, the only one out of 11 sectors in the S&P 500 to be sitting on year-to-date gains greater than 1%. As recently as November 15, XLE closed at a record…

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This article was written by and originally published on finance.yahoo.com