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.
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(END) Dow Jones Newswires