Oil Rises Above $82 A Barrel (SCO, DBO)
By Benzinga Staff
March 11, 2010 9:52 AM
March 11, 2010 9:52 AM
Posted in: Intraday Update, ETFs
Oil rose above $82 a barrel in trading on Thursday. Prices were still below the eight-week high reached on Wednesday.
U.S. crude for delivery in April rose to $82.19 a barrel, while Brent crude for delivery in April rose to $80.62 a barrel.
“While we think crude prices will test their 2010 high, they are unlikely to substantially exceed it,” said MF Global analyst Edward Meir.
The ProShares UltraShort DJ-UBS Crude Oil (ETF) (NYSE: SCO) was at $12.77, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) was at $27.68, at 9.46 a.m. on Thursday in New York.
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