Oil-Related ETFs Pumped Up By Record Prices
February 28th, 2008 at 3:00pm by Tom Lydon
Oil’s surge owes much to the weakness in the U.S. dollar and worries over a new supply outage in Nigeria, which is Africa’s largest producer of crude. As a result, the Oil Services HOLDRs (OIH) is at a six-week high, reports Wanfeng Zhou for Thomson Financial. The Energy Select Sector SPDR (XLE) also hit its highest level since Jan. 4.
Crude for April delivery closed at $102.59 a barrel, and oil reached a record high of $102.97 a barrel today.
Among the other funds reaping the rewards of record-high oil prices are:
- SPDR S&P Oil & Gas Exploration & Production (XOP)
- iShares Dow Jones US Oil & Gas Exploration Index (IEO)
- United States Oil (USO)
For full disclosure, some of Tom Lydon’s clients own shares of IEO.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.