Why Energy Select Sector SPDR (XLE) Is Trading Higher

Energy Select Sector SPDR Fund XLE shares are trading higher by 2.04% to $78.94 during Monday's session amid supply uncertainty, which comes following an attempted rebellion by the Wagner Group in Russia.

Uncertainty in oil supply often leads to price volatility in the oil market. This volatility can create opportunities for traders and investors to capitalize on price swings, potentially benefiting an ETF like the XLE that tracks the performance of energy companies.

What Happened?

Russia's leadership experienced a significant shock over the weekend as Yevgeny Prigozhin, leader of the Russian mercenary group Wagner, led his forces toward Moscow with demands, including the removal of Defense Minister Sergei Shoigu.

Prigozhin clarified that the march was a protest against Russia's military leadership and claimed that 30 of his personnel were killed in an attack.

"I don't think we've seen the final act," U.S. Secretary of State Antony Blinken said Saturday...Read More

According to data from Benzinga Pro, XLE has a 52-week high of $94.71 and a 52-week low of $65.48.