Crude (USO) Breaks Through Resistance At The Close
March 17, 2010 2:47 PM
Crude Oil Closed Strong Today breaking through resistance of $82.50 while closing at $82.78 +$1.08.
United States Oil Fund, LP ETF (NYSE: USO) the active ETF was trading up .46 or 1.16% on the day on volume of 11M shares.
The active ETF is used by many traders and funds to hedge and speculate on energy products and crude in general.
Earlier today the Energy Department released its weekly supply numbers to the public. The report stated that crude supplies increased by 1 million barrels, or 0.3 percent, to 344 million barrels, which is 4.1 percent below year-ago levels, the Energy Department's Energy Information Administration said.
Analysts had expected a build of 1.9 million barrels for the week ended March 12, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Expect follow-through buying in the crude complex overnight and in USO in tommorow's trading
