Direxion Daily S&P Oil & Gas Exp & Prod Bear 2X Shares (ARCA: DRIP) was rising about 4.5% Tuesday after data released by the Bureau of Labor Statistics showed the Consumer Price Index (CPI) eased to an annual rate of 3.1% in November, which matched expectations.
Last week, OPEC+ nations agreed on new oil cuts amid oil production in the U.S. reaching record levels and supply outpacing demand. Despite the news, the United States Oil Fund (ARCA: USO) fell to a five-month low the following day on Dec. 7, throwing the sector into a bear market.
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Analysts have recently turned bearish on the sector, with Morgan Stanley analyst Devin McDermott downgrading Marathon Oil Corporation Corp (NYSE: MRO) from Overweight to Equal Weight on Monday and dropping a price target from $27 to $25. On Friday, JP Morgan analyst John Royall ...Full story available on Benzinga.com
Related tickers: MRO, OXY, XOM, GUSH, DRIP.
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