Breakdown Between Energy Stocks and Oil Price at Record: Chart

The breakdown in the relationship between the performance of U.S. energy stocks and the oil price has fallen to record lows, according to Bloomberg data, amid investor concerns about a new wave of production. Negative sentiment could continue to weigh on shares even as commodities react positively to sustained economic strength, Leuthold Group chief investment officer Doug Ramsey said in a recent note to clients. The sector has underperformed the S&P 500 Index by about 8 percent since the beginning of the year, even as West Texas crude oil futures have risen by nearly 6 percent.