Big Oil Is Beating Big Tech as Eyes Turn to Crucial OPEC Meeting.

Energy stocks have outperformed tech stocks in the first quarter of 2024, with the Energy Select Sector exchange-traded fund (XLE) up over 13% compared to the Nasdaq 100 Index's 8.7% gain. Rising oil prices, with West Texas Intermediate crude surpassing $80 a barrel, have contributed to this rally. Energy investors are now looking to the upcoming OPEC meeting for clues on the future direction of crude oil prices. Some analysts are optimistic about the energy sector, citing rising oil prices, improving earnings revisions, and attractive valuations. However, Wall Street still expects energy stocks to post declining earnings this year. [Extracted from the article]