Energy ETF falls as OPEC, Russia mull output increase

The largest exchange-traded fund to track the energy sector tumbled in premarket trading on Friday, after reports that OPEC and Russia are considering lifting oil production. The Energy Select Sector SPDR ETF
XLE, -2.98%
lost 1.8% in heavy premarket trading. Among its major components, Exxon Mobil Corp.
XOM, -2.07%
lost 1.2% and Chevron Corp.
CVX, -3.02%
was down 1.7%. The report suggested that OPEC and Russia could lift production by as much as 1 million barrels a day. The fund has been a strong performer of late, having gained more than 13% since the start of April, a gain that has in large part come on rising commodity prices. Futures for the Dow Jones Industrial Average
DJIA, -0.13%
YMH9, +0.04%
fell 0.2% while futures for the S&P 500
SPX, -0.16%
ESH9, -0.28%
were down 0.3%. Futures for the Nasdaq 100
NDX, +0.29%
NQH9, -0.67%
were flat.

Quote References XLE -2.28 -2.98% XOM -1.66 -2.07% CVX -3.82 -3.02% DJIA -32.75 -0.13% YMH9 +9.00 +0.04% SPX -4.26 -0.16% ESH9 -7.75 -0.28% NDX +19.94 +0.29% NQH9 -44.75 -0.67% Show all references
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