Brent Crude Reaches All-Time Highs
The U.S. consumers have been watching the gasoline prices spike higher and cost of filling up their tanks skyrocket in the past couple of weeks. The crude oil futures have been nearing $110 per barrel and the United States Oil Fund LP ETF (NYSE: USO) is up 11.5% in the past 30 days, trading currently at $41.75.
This quick rise in the oil price has raised some fears of its negative impacts on the U.S. economic growth. However, what investors should really be looking at is the price of Brent crude, which is traded in Europe. Brent has hit its all-time highs today and the corresponding ETF, United States Brent Oil Fund (NYSE: BNO) is trading at $89.05, up $3.22 or 3.75% on the session.
The growth in Europe has been very stagnant, and in fact has been subtracting in the recent months. The record-high oil prices will not help the situation and the consumer stocks might be negatively impacted, if the trend continues.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.