Energy (NYSEARCA:XLE) sank to the bottom the S&P sector leaderboard on Thursday, -1.8%, with crude oil falling sharply after Russia downplayed the likelihood of further OPEC+ production cuts at the cartel’s June 3-4 meeting.
Russian Deputy Prime Minister Alexander Novak reportedly told the Izvestia newspaper that he did not expect any additional measures would be announced after the group decided in early April to cut output by more than 1M bbl/day.
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