Crude Oil Moves Higher on ISM, Never Mind Iran (USO)
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The United States Oil Fund (NYSE: USO), an ETF which tracks changes in the price of light, sweet crude oil, moved higher Tuesday after a better-than-expected ISM number signaled growth in the US economy and potentially greater demand for oil. Crude oil on the NYMEX is up about 1.35 percent to $106.30 per barrel.
The move suggests investors are buying oil for reasons other than Iran, as tensions in the Persian Gulf have eased recently. A strong payroll number on Friday should give USO another reason to march north.
The USO ETF last traded at $40.23, up about 1.4 percent from Monday's closing price.
The move suggests investors are buying oil for reasons other than Iran, as tensions in the Persian Gulf have eased recently. A strong payroll number on Friday should give USO another reason to march north.
The USO ETF last traded at $40.23, up about 1.4 percent from Monday's closing price.
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