Oil Prices Touch A Two-Month High (SCO, DBO)

Oil reached its highest level in the last two-months to $82 a barrel in New York. Oil prices have advanced on the expectations of further recovery in the global economy, which is expected to increase the demand for fuel.

Oil prices received a further boost today after France’s President, Nicolas Sarkozy, said that the euro zone economies were ready to back Greece in case the nation struggled to fund its deficit. Crude oil for delivery in April increased by 1.1% to $82.41 a barrel in electronic trading on the New York Mercantile Exchange.

The ProShares Ultra Short DJ-UBS Crude Oil (ETF) (NYSE: SCO) closed at $12.72, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) closed at $27.75, on Friday.