Crude oil and short-term cashlike investments led U.S. market performance in the third quarter, despite a strengthening U.S. dollar and concerns over high oil prices impacting demand.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments12 hours1 day2 days5 daysCrude oil saw significant gains in Q3 with WTI crude at $90.79/bbl and Brent crude at $95.31 , making them the best-performing assets.
Energy stocks also enjoyed a productive period, with the SPDR S&P Oil & Gas Exploration & Production ETF returning 17%. XOP invests in stocks of companies operating across oil and gas exploration and production sectors. Top holdings by the ETF are Denbury Inc. , Ovintiv Inc. , Valero Energy Corp. , Exxon Mobil Corp. and Chord Energy Corp. . XOP is a pretty well diversified ETF with 61 total holdings, with each of the stocks in the Top 10 holdings having a weight of ~2.5%.
But the bulls can thank a sustained fundamental tightening in oil markets for helping counter a brawny dollar as well as concerns about a higher-for-longer rates cycle. Two weeks ago, the U.S. central bank but bolstered its hawkish stance with a further rate increase projected by the end of the year. Higher interest rates tend to be bearish for oil prices because they usually translate to less demand for oil as activity declines with higher costs.
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