Energy ETFs surge as oil tops $50 a barrel

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Energy-related exchange-traded funds surged higher Thursday as global oil prices recovered to pre-pandemic levels. The Energy Select Sector SPDR Fund gained 4% midday, making it the best performer among the 11 funds tracking the sectors of the S&P 500 . The Vanguard Energy ETF was 4.1% higher, while the SPDR S&P Oil & Gas Exploration ETF surged 6.2% and the iShares U.S. Oil & Gas Exploration & Production fund gained 4.9%. Brent crude prices , the global oil benchmark, on Thursday morning topped $50 a barrel, which is an important psychological milestone, as well as the level they were at just before the COVID-19 pandemic panic hit the markets. West Texas Intermediate Crude , which is the U.S. benchmark, was up 4.5% at midday.
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