Crude Pares Earlier Losses, Remains Below $90/Barrel (USO) (OIL)
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United States Oil Fund LP (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return (NYSE: OIL) are back in positive territory after some erratic trading early Tuesday.
Crude pared some of its earlier losses, with May 2013 contracts now down about $0.59 to $88.12 per barrel on the Comex.
The early drop might have been due in part to cut expectations issued by the IMF earlier for global growth in FY13.
There was also mixed data out of the U.S., with housing starts and capacity utilization coming in strong, while March CPI missed views.
Crude pared some of its earlier losses, with May 2013 contracts now down about $0.59 to $88.12 per barrel on the Comex.
The early drop might have been due in part to cut expectations issued by the IMF earlier for global growth in FY13.
There was also mixed data out of the U.S., with housing starts and capacity utilization coming in strong, while March CPI missed views.
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