Oil and gas groups are set to dominate the list of best-performing US stocks in 2022, after bumper profits following Russia’s invasion of Ukraine drew investors back to the sector.
Of the 25 performers in the benchmark S&P 500 index of stocks, as many as 15 will be fossil fuel operators. Occidental Petroleum is likely to top the list, with its shares up about 120 per cent this year.
The energy sector has climbed by almost 60 per cent, a sharp contrast with a 21 per cent drop in the S&P 500 as a whole and a stunning stock market comeback for companies that were shunned when climate concerns reached Wall Street in recent years.
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