Market Overview

Oil Trading Higher in Early Going

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Crude oil, which has been plunging in recent weeks, is moving higher early in Friday's trading session. At last check, NYMEX crude futures were up a little less than 1% at $78.92. Crude had been trading solidly above the $100 level as recently as early May. Negative economic sentiment, a falling stock market, and continued fears over the euro zone sovereign debt crisis have catalyzed the massive sell-off in crude.

On Friday, the United States Oil Fund ETF (NYSE: USO) was trading up 0.68% to $29.66. Over the last 3 months, the USO has lost more than 26%. The energy sector as a whole is underperforming the S&P 500, despite the jump in oil prices. The S&P 500 had gained around 0.41% while energy was trading up 0.27% in the first hour of trade.

Posted-In: Commodities Intraday Update Markets Movers

 

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