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Trackinsight: Oil prices’ retreat takes down Energy ETFs

10/22/2021 | 10:00am EST

On Thursday, oil prices fell the most since early October on forecasts of warm U.S winter and renewed concerns on the global economic recovery.

On Thursday, oil prices fell the most since early October on forecasts of warm U.S winter and renewed concerns on the global economic recovery, while lockdowns were reinstated in some parts of Eastern Europe and Russia due to rising Covid-19 cases.

Brent futures dropped more than 1.4% to settle at $84.61, while WTI crude fell by 1.63% to $82.5 (investing.com). The slip in oil prices weighed on the S&P 500 Energy sector, which fell by 1.81%.

In the ETF space, WisdomTree WTI Crude Oil ETC (-2.03%), WisdomTree Brent Crude (-1.98%) and United States Oil Fund (-1.22%), which track the oil commodities, fell on Thursday. ETFs tracking energy stocks followed suit including Energy Select Sector SPDR Fund ETF and iShares U.S. Energy ETF, which fell by -1.85% and -1.67% respectively.

On Friday, Brent and WTI futures have rebounded and are currently trending higher (12:17 PM, GMT +2).

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ę www.trackinsight.com 2021
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