Crude Falls Below $85 as Supply Builds (USO) (OIL) (DBO) (UCO)
Tweet Send to a Friend
Get Alerts USO Hot Sheet
Trade USO Now!
WTI and Brent futures are reversing Tuesday gains in early trading on Wednesday, one day after a victory by President Obama in the presidential elections. With concerns of an election stalemate over, energy traders are refocused on supply and geopolitical issues. On the one hand, ongoing problems in the Middle East including Iranian and Syrian situations remains top of mind, supporting prices. On the other side, overall oil supply appears abundant.
In the wake of Hurricane Sandy, weekly inventory data in the U.S. showed a rise of 1.7 million barrels compared to estimates for a gain of 2 million barrels. Traders were puzzled on Tuesday evening when API data showed declines of 0.03 million barrels.
On the technical side, WTI just broke below support at $85 per barrel and traders continue to set sights on July lows near $77.
United States Oil ETF (NYSE: USO) is lower by 3 percent on intraday on Wednesday.
Other related ETFs include iPath S&P GSCI Crude Oil Total Return (NYSE: OIL), PowerShares DB Oil Fund ETF (NYSE: DBO) and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO).
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In the wake of Hurricane Sandy, weekly inventory data in the U.S. showed a rise of 1.7 million barrels compared to estimates for a gain of 2 million barrels. Traders were puzzled on Tuesday evening when API data showed declines of 0.03 million barrels.
On the technical side, WTI just broke below support at $85 per barrel and traders continue to set sights on July lows near $77.
United States Oil ETF (NYSE: USO) is lower by 3 percent on intraday on Wednesday.
Other related ETFs include iPath S&P GSCI Crude Oil Total Return (NYSE: OIL), PowerShares DB Oil Fund ETF (NYSE: DBO) and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO).
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Silver, Gold Active as Bernanke Expresses Some Concerns (SLV) (GLD)
- Gold Pares Losses as Fed Tapering Questioned (GLD) (IAU) (SLV)
- GLD Holdings Continue to Decline (GLD) (SLV) (GDX)
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
UBS, Standard & Poor's, Crude Oil, Barack Obama
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
