Big Spike In Oil (USO, OIH)

Crude oil prices opened higher today, and then got another big push at around 11:45 EST, coinciding with a move lower in the U.S. Dollar. Another factor appears to be concerns about a storm in the Gulf of Mexico. "The greatest risk will be with the potential development of a tropical storm that could make its way to the Gulf of Mexico. The NHC (National Hurricane Center) has now a high probability for the tropical low to be upgraded to Tropical Storm status over the next 48 hours," said Olivier Jakob with Petrometrix. Currently, NYMEX crude futures are trading 2.91% higher at $78.74. The United States Oil Fund ETF USO has gained 3.11% to $35.46 and the Oil Service HOLDRs ETF OIH is up 0.75% to $97.90.