Energy sector on November 15
The companies in the energy sector rose on November 15. The major ETFs related to the energy sector such as the United States Oil (USO) and the PowerShares DB Oil (DBO) rose 4.7% and 4.6%. The Energy Select Sector SPDR (XLE) rose 2.9%.
British Petroleum to invest $13 billion in Egypt
British Petroleum (BP), one of the world’s largest integrated oil and gas companies, plans to invest in Egypt. According to the statement released by the United Kingdom’s embassy on November 15, British Petroleum plans to invest about $13 billion in Egypt before 2020. British Petroleum is talking with Iran to develop four oilfields located in southern Iran. Since the beginning of 2016, British Petroleum rose ~6.7%. At 11:45 AM EST on November 15, British Petroleum was trading at $33.35—a gain of ~1.1%.