October 23, 2007 at 3:12 pm by Tom Lydon
Oil-related exchange traded funds have been down recently as the price of oil fell more than $1 today. It retreated further from record highs set last week in response to concerns about the health of the U.S. economy and further indications OPEC has already substantially raised oil output, reports Jane Merriman for Reuters. The futures-based United States Oil (USO) and iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) dropped some, but are still up 29.0% and 27.7% year-to-date respectively. Analysts surveyed by Dow Jones Newswires predict that crude inventories rose by 300,000 barrels during the week that ended Oct. 19. Light, sweet crude oil for December delivery settled at $85.27 a barrel, reports John Wilen for the Associated Press.
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