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

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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