U.S. Oil Fund (NYSEArca: USO) was poised for a higher open in the U.S. on Friday as crude futures trading on the New York Mercantile Exchange rose above $111 a barrel.
Investors continued to worry about supply problems in Libya, sending crude to its highest intraday level since September 2008, according to reports. “Traders are gearing up for further oil price upside,” a trader at SK Energy told Dow Jones Newswires.
U.S. Oil Fund, which follows crude futures, rose to a 52-week high on Thursday thanks to a late-session rally as the exchange traded fund (ETF) added 1.4%.
The oil ETF closed Thursday with a year-to-date gain of nearly 13%.