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Energy Rises As Vaccine, OPEC Momentum Builds -- Energy Roundup

12/04/2020 | 04:37pm EST

Shares of energy companies rallied as hopes for rapid global distribution of Covid 19 vaccines built upward momentum.

The SPDR Select Energy Sector exchange-traded fund, which tracks the energy industry group of the Standard & Poor's 500, rose by more than 5% Friday, and is up roughly 50% from its lows in the spring, during the depths of the pandemic.

Oil futures rose Friday, with prices up a fifth week in a row and the global benchmark settling at its highest since early March. The catalyst for gains this week was the decision by the OPEC + cartel to raise production by a relatively modest 500,000 barrels of oil per day.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-04-20 1636ET

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.22% 55.25 Delayed Quote.8.61%
WTI -0.16% 52.18 Delayed Quote.10.00%
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