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Energy stocks get oil price support as recession looms

KVIA

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — Surging oil prices charged energy stocks through 2022 and could keep supporting the sector despite a looming recession and stubbornly hot inflation squeezing consumers. The sector’s 50% gain is a standout in the S&P 500 so far this year while every other sector has lost ground. Big names like Exxon Mobil are up even more, with gains of nearly 75%. It’s in stark contrast to the benchmark index’s 20% slide. Energy stocks’ sharp gains were kicked off earlier this year after Russia invasion of Ukraine raised concerns about the oil supply while inflation was already squeezing global economies.

Article Topic Follows: AP National Business

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Associated Press

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