Oil Up Near Recent Highs This Morning (USO, CVX, CRBQ)
Posted in: Long Ideas, Sector ETFs, Pre-Market Outlook, Intraday Update, Markets, Movers, Trading Ideas, ETFs
Oil is up again this morning trading $1.00 higher at $74.27/barrel.
With today's gains oil is up about 4% over the past 5 days, and at the upper end of the commodities’ recent trading range of $67/barrel - $75/barrel.
There has been some signs economic optimism, increasing demand forecasts, and forecasts of a cold winter were fueling the increase. However I believe the core reason is the continued fall in the dollar, now at recent lows.
Look for relative strength in oil related investments today including Chevron Corp (NYSE: CVX), Jeffries Global Commodity Equity ETF (NYSE: CRBQ), and US Oil Fund (NYSE: USO).
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