Crude Oil Spiking Sharply Higher (USO)

NYMEX crude oil has been moving higher in early trade on Tuesday, with the front-month futures trading up 0.77% to $103.12. Traders have also been accumulating the United States Oil Fund ETF

, which tracks the price of crude oil. The USO has gained 0.88% to $41.50 after spending the first part of the session in negative territory.