United States Oil (USO) Rally Fizzles
Tweet Send to a Friend
United States Oil (NYSE: USO) is expected to open lower as markets shrug off positive results in Greece's elections. The spot price of WTI futures traded higher last week, rising from a low of $81 to reach a high slightly over $85 in Asia on Monday, but the rally died out relatively quickly as traders booked early profits.
Nuclear talks with Iran are scheduled for Monday, but unless a bombshell drops, the market reaction is likely to be muted, as most expect the talks to continue to muddle on. Strains in Iranian relations are being overshadowed by high production levels out of OPEC. Last week OPEC agreed to keep their production target unchanged at 30 million barrels per day. The FOMC will be meeting Wednesday and talk of QE3 has been hot and heavy due to the escalating crisis in Europe. Fed Chairman Ben Bernanke could indicate that more help is on the way, although it is more likely the Fed will just continue with its current programs and acknowledge that they strand ready with additional easing should it become necessary.
WTI futures are trading at 83.60 currently, and Brent is at trading just under $97. United States Oil (NYSE: USO) last traded at 31.63.
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
Nuclear talks with Iran are scheduled for Monday, but unless a bombshell drops, the market reaction is likely to be muted, as most expect the talks to continue to muddle on. Strains in Iranian relations are being overshadowed by high production levels out of OPEC. Last week OPEC agreed to keep their production target unchanged at 30 million barrels per day. The FOMC will be meeting Wednesday and talk of QE3 has been hot and heavy due to the escalating crisis in Europe. Fed Chairman Ben Bernanke could indicate that more help is on the way, although it is more likely the Fed will just continue with its current programs and acknowledge that they strand ready with additional easing should it become necessary.
WTI futures are trading at 83.60 currently, and Brent is at trading just under $97. United States Oil (NYSE: USO) last traded at 31.63.
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)
- GLD Holdings Continue to Decline (GLD) (SLV) (GDX)
- Gold Pares Losses as Fed Tapering Questioned (GLD) (IAU) (SLV)
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Ben S. Bernanke, Federal Open Market Committee, OPEC
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!
