United States Oil Fund, LP (USO) – Crude oil rose Friday with traders finding more than a few excuses to support chasing the United States Oil Fund higher by as much as 4.75% to an intraday high of $37.64. The exchange-traded security is meant to broadly track the price of oil and had fallen sharply at the outset of the week after OPEC’s leading producer, Saudi Arabia, hinted strongly that it would accommodate rising demand with an increase in supply. Since then, investors drove crude oil prices down almost $7 per barrel towards $85, leading some to possibly think that the decline might leave its price bank in the middle of a price range that Saudi and other cartel members would be content with.
Friday’s third-quarter GDP report was restrained by inventories, without which the economy might have grown at a breakneck 7.1% pace for the fastest since 1984. Rising oil prices were also inspired by further unrest in the Middle East, with headlines over the house arrest of an Egyptian government opponent and a clampdown on domestic Internet usage encouraging call option buying on the USO. Bullish players are binging on call options across several expiries today to support their view that USO shares will continue to rally.
Complete Story »
Julie Benz Saira Mohan Brittny Gastineau Ashley Tisdale Rachel Blanchard
No comments:
Post a Comment