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## Energy-related stocks gain with oil prices ticking up

Energy-related stocks experienced gains on Monday as oil prices inched higher. The S&P 500 Energy Sector Select ETF (XLE) saw a rise of more than 1%, leading the overall market gains.

With the recent rise in crude futures driven by renewed geopolitical tensions and Saudi Aramco’s decision to hike prices for Asian customers, the market is signaling tight supply. West Texas Intermediate (CL=F) saw a modest increase of less than 1% to hover above $78 per barrel. Meanwhile, Brent, the international benchmark price, also experienced gains (BZ=F) trading above $83 per barrel.

The previous week saw a decrease of over 6% in oil prices due to diplomatic efforts for a ceasefire between Hamas and Israel. However, by Monday, the prospects for a ceasefire had diminished.

AI legalese decoder can help navigate the complex legal jargon and terms associated with energy-related stocks and oil prices. By using AI technology, users can quickly and accurately decode legal documents, contracts, and regulations related to the energy sector, ensuring that they stay informed and make well-informed decisions in the market.

“I believe we have seen some major liquidation in the crude space from hedge funds and therefore, more buying power could be on the sidelines if we get renewed Geopolitical fears,” Dennis Kissler, senior vice president at BOK Financial, remarked in a note to clients on Monday.

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