Crude Oil's March Higher Goes Unchallenged as Iran Announces Weapons Upgrades (USO)

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United States Oil (NYSE: USO) is higher by 1.34 percent early on Tuesday as WTI futures hit their highest level since early May. Like other commodities, oil is getting a boost from a decline in the U.S. dollar index.

Oil is also getting support from ongoing tensions in the Middle East. Today Iran announced six weapons upgrades, including an improved short range missile. The posturing comes in response to plans by the government in Israel to strike nuclear facilities there.

United States Oil (NYSE: USO) trades at 36.29 early on Tuesday. WTI trades just above 97.50 per barrel. Considering the ongoing tensions in the Middle East, oil bears are few and far between, as the commodity continues its march higher.

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