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Shares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off President Biden’s announcement of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF XLE, +1.77% rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open.
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