The Crude Oil (USO) Locomotive Continues Down Track

July 19, 2012 7:49 AM EDT
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Energy traders have noted an up-tick in positive momentum for crude oil recently, with few bears willing to step in front of what looks like a slow train ride north. If oil closes higher today, it will mark the seventh positive gain in Brent, and the fifth for WTI.

In what is being viewed as a flare-up of tensions in the Middle East, today Israel accused Iran of a deadly attack on Israeli tourists in the eastern European resort town of Burgas, Bulgaria, which killed six. Iran called the accusations ridiculous.

In response to increased tensions in the region, the price of crude oil moved higher. WTI futures are trading above $91 per barrel, levels not seen since May. Brent trades at fresh, 2-month highs at just under $107 per barrel. United States Oil Fund LP ETF (NYSE: USO) is higher by 1.5 percent in pre-market trading.

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

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