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Oil Is Surging. Why Oil Stocks Are Down. What’s Up?

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Oil prices soared on Thursday after Russia invaded Ukraine. But oil stocks were in the doldrums. There are a few possible reasons for that, analysts and investors said.

Brent crude was up 1%, to $98 a barrel. But the Energy Select Sector SPDR exchange-traded fund (ticker: XLE), which holds energy stocks, was down 2%.

Exxon Mobil (XOM) was…

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