Crude oil futures have rallied to their highest finish in six weeks, days after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive.
Indeed, Credit Suisse has issued an upgrade for the entire market, boosting its 2021 S&P target to 4,600 from 4,300 points, good for 10% upside from the current levels and a 24.3% gain for the full year. The analysts have also…Big Oil Hikes Dividends After Blowout Quarter
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