Oil Rally Fuels Energy Sector’s Outperformance Over Tech, Challenges 2023 AI Dominance

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Energy stocks have remarkably outperformed their tech counterparts over the past three months. The driving force behind this surge? A resounding oil rally. WTI-graded crude oil has experienced a remarkable ascent of over 30% since mid-June. This dramatic increase can be attributed to a combination of factors, including supply constraints resulting from production cuts by Saudi Arabia and Russia, as well as a robust U.S. economy that has sustained demand for oil. During the first semester, the Nasdaq 100 index, represented by theInvesco QQQ Trust (NASDAQ:QQQ), exhibited a staggering 39% increas…

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