While energy stocks will likely struggle to match last year’s blowout performance, a recent crude bounce may be setting the wheels in motion for the sector to regain a leadership spot, say some strategists.
“WTI (West Texas Intermediate) put in consecutive closes above $83, including a weekly close, for the first time since last November,” said Jonathan Krinsky, chief market technician at BTIG, in a note to clients on Monday. Those back-to-back closes left the commodity at $85.50 a barrel on Friday, its highest level of 2023.
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