Crude Oil Lower as Spanish Yields Reach Record High (USO)

July 23, 2012 7:49 AM EDT
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Fears are growing that Spain will lose the ability to sell bonds on the open market. This morning 5-year bonds yields hit 7.28% and 10-year yields traded at a fresh high of 7.45%. The spike in yields comes as an increasing number of Spanish regions are expected to face difficulties following a request for aid in Valencia last Friday.

WTI futures extended Friday’s losses and are now trading back below $90 per barrel at $89.10. United States Oil Fund LP ETF (NYSE: USO) is lower by 2.78 percent pre-market. Brent trades at $103.78.

Besides European worries, energy traders are bracing for weak flash PMI manufacturing data out of China tomorrow, which is expected to show slowing growth.

The following is a list of popular crude oil ETFs: (NYSE: USO) (NYSE: OIL) (NYSE: UCO) (NYSE: SCO) (NYSE: DBO).

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