Energy ETFs surge as oil nears $50 a barrel

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Exchange-traded funds tied to the energy sector led the broader market Wednesday as an industry group reported a decline in U.S. crude inventories and a Brexit deal was being finalized. The Energy Select Sector SPDR Fund was up 3.2% at midday, leading the 11 funds that represent sectors of the S&P 500 . The Vanguard Energy ETF gained 3.6%, and the SPDR S&P Oil & Gas Exploration & Production ETF was up 5.8%. West Texas Intermediate crude for February delivery was up $1.16, or 2.5%, at $48.17 a barrel after the trade group’s supply report was released, and in the midst of reports that a Brexit trade deal might be near, allowing an orderly transition for the United Kingdom, rather than a messy one.
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