A decision Monday by Saudi Arabia and Russia, the world's largest oil exporters, to cut production in an effort to push up oil prices is a bullish development for the Club's struggling energy holdings.
Oil prices edged up Monday, with West Texas Intermediate crude — the U.S. oil benchmark — rising by 0.28%, to just under $71 a barrel.
In this uncertain economic environment, the U.S. has repeatedly made clear its desire to keep oil prices lower.
But if energy prices were to remain relatively suppressed, we would expect the year-to-date winners to continue their march higher, benefiting from more affordable oil prices.
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