WTI Crude Oil Taps $100 per Barrel
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The price of West Texas Intermediate crude oil traded above $100 per barrel for the first time since May. The move higher was sparked by a combination of economic and geopolitical events.
Like many other commodities, oil is moving higher as a result of yesterday's announcement by the Fed that they approved additional monetary tools totaling $40 billion per month, which they intend to use to stimulate the economy and create jobs in the U.S.
Oil is also reacting to increased tensions in the Middle East as protests targeting the U.S. spread throughout the area. The protests are in response to a video released in the U.S., which Islamic zealots claim mocks Prophet Muhammad. On Tuesday deadly attacks on an American consulate left four dead, including the U.S. ambassador. The connection between the well organized attack on the consulate and the protests appears tenuous to many observers.
United States Oil ETF (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return ETN (NYSE: OIL) are expected to open higher by 1.9 percent. Brent trades at $117.50.
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Like many other commodities, oil is moving higher as a result of yesterday's announcement by the Fed that they approved additional monetary tools totaling $40 billion per month, which they intend to use to stimulate the economy and create jobs in the U.S.
Oil is also reacting to increased tensions in the Middle East as protests targeting the U.S. spread throughout the area. The protests are in response to a video released in the U.S., which Islamic zealots claim mocks Prophet Muhammad. On Tuesday deadly attacks on an American consulate left four dead, including the U.S. ambassador. The connection between the well organized attack on the consulate and the protests appears tenuous to many observers.
United States Oil ETF (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return ETN (NYSE: OIL) are expected to open higher by 1.9 percent. Brent trades at $117.50.
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