February 18, 2008 at 1:00 am by Tom Lydon
The oil service exchange traded fund (ETF) can’t seem to get a grip and is slipping in the wrong direction. The oil services sector tracking stock hit a one-month high before turning slightly lower as of Thursday. Meanwhile, crude prices are rising.
The Oil Service HOLDRs (OIH) slipped 0.3% after being up as much as 1.4% earlier in the session, reports Brigid Gaffikin for CNN Money. It was the fund’s highest level reached since Jan. 17.
Oil ended the week at $95.50 a barrel, fueled by a surge in natural gas prices. The rises in oil are far less than previously expected, though.
Tags: Energy, Natural Gas, Oil, Sector ETFs
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