01.09.2016 - Energy sector ETF on pace to cap August with worst daily loss of the month
Energy-related stocks and funds tumbled on Wednesday, tracking the price of crude oil lower as investors continued to fret about oversupply that has dogged the global crude market for two years. The Energy Select Sector one of the most popular ways for investors to play the space, fell 1.8% in its steepest one-day decline since Aug. 1, according to FactSet data. “Right now the whole world is awash in oil, and in order to sop that up and get a balance between supply and demand, we need to see demand pick up sizably,” said Robert Lutts, chief investment officer at Cabot Money Management. “That’s not going to happen, so I think we’ll see more pressure on the downside.”..............................................Full Article: Source
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