U.S. Oil Fund (NYSEArca: USO) fell 1% ahead of Monday’s opening bell after energy giant Halliburton (NYSE: HAL) said its first-quarter profit more than doubled and came in ahead of analyst forecasts.
Crude futures were trading below $109 a barrel in morning action after China again boosted reserve requirements for its banks.
Crude prices currently include a premium of $15 to $20 a barrel, OPEC’s Secretary General said, Bloomberg reported.
Oil traders continue to keep a close eye on the fighting in Libya. Rebels will not sell any more oil until production is restored at two fields that were damaged in battle, the AP reported.
U.S. Oil Fund was up about 12% so far this year through Friday. [Oil ETFs Higher After Industrial Production Figures.]
U.S. Oil Fund