United States Oil Fund, LP has closed yesterday at $38.52. So far USO has hit a 52-week low of $22.74 and 52-week high of $119.17. USO has been showing support around 37.55 and resistance in the 39.53 range. Technical indicators are Bullish. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Iran’s OPEC governor declared that the organization’s current crude oil production levels support the market due to members’ high compliance but changes in the global economic outlook may warrant further group action. For full story, click here
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