Energy

Two ways to play the energy space as oil surges past $68

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Oil’s rally is hitting the gas.

West Texas Intermediate gained another 1% on Wednesday, pushing it well above $68 a barrel, after OPEC+ doubled down on its decision to ease supply restrictions through July to keep up with demand.

As WTI crude traded at its highest level since October 2018, energy stocks rallied alongside it. The XLE energy ETF added nearly 2%, pushing its two-day rally close to a 6% increase.

Todd Gordon, founder of TradingAnalysis.com, said recent gains have propelled energy stocks to break through a stubborn area on the charts.

“You can see that we have moved down into this old shelf of support here that was in play through 2019. We broke down in 2020 and the beginning of…



Source cnbc.com

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