Finally Stable? Oil Set For First Monthly Gain Since June 2014
The United States Oil Fund LP (NYSE: USO) is set for its first monthly gain since last June – an eight-month slide that has seen the oil proxy fall by more than 53 percent. In February, USO has added 1.2 percent ahead of the final day of trading.
Many are expecting that this is just a temporary relief in a selloff that saw the price of WTI Crude Oil futures fall from $100 to below $50. In a note earlier this week, Morgan Stanley said it expects "limited" upside to oil prices from here, though volatility could increase.
USO follows the price of WTI Crude futures, which have gained a more robust 1.9 percent this month. A separate oil contract, Brent Crude Oil Futures, trade at a premium to WTI Crude. Those futures contracts have gained 15 percent this month.
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