According to the Zhitong Finance APP, Oppenheimer analyst has downgraded the rating of the US energy sector from 'hold' to 'sell'.

In a technical analysis report, the analyst stated that 'due to the elimination of previous inflationary factors, the number of stocks in this sector that are currently trading above the 200-day moving average is the lowest.'

As of August 19th, data shows that 48% of the stocks in the energy sector have prices higher than their 200-day moving averages.

The Energy Select Sector SPDR ETF (XLE.US) experienced a 'false breakout' and subsequently had a relatively weak performance. The ETF has fallen by 0.86% compared to a month ago, but is still up 8.75% year-to-date.

The analyst commented, 'The failure of the energy sector to break through in April indicates fatigue in the market's buying pressure.'

Regarding individual stocks, Oppenheimer issued 'sell' ratings for Apache Corporation (APA.US), Chevron Corporation (CVX.US), Halliburton Company (HAL.US), and Occidental Petroleum Corporation (OXY.US).