Oil-Related ETFs Pumped Up By Record Prices

133889605 Crude futures are breathing down the neck of an all-time high, giving oil-service stocks and exchange traded funds (ETFs) some upward momentum.

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.

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