Oil Bulls Get Punished
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Oil prices dropped to 4 month lows today, continuing a selloff that began in March and accelerated into early May. Last week NYMEX fell over $6, or 6%, the biggest loss since dropping 9 percent in September. The latest round of selling has oil bulls heading for the hills, with long and medium term traders dumping positions as sentiment shifts.
While the drop is bad for oil bulls consumers at the pump are welcoming the relief, although the correlating drop never appears to come as fast. Hmmm.
USO (NYSE: USO), an ETF that tracks changes in the price of light, sweet crude oil traded on the New York Mercantile Exchange, closed at 37.29 on Friday, and was trading lower in premarket trading.
While the drop is bad for oil bulls consumers at the pump are welcoming the relief, although the correlating drop never appears to come as fast. Hmmm.
USO (NYSE: USO), an ETF that tracks changes in the price of light, sweet crude oil traded on the New York Mercantile Exchange, closed at 37.29 on Friday, and was trading lower in premarket trading.
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