U.S. Oil Fund (NYSEArca: USO) has dropped nearly 7% this week with Japan’s nuclear crisis and bearish calls from Goldman Sachs weighing on the commodity.
OPEC on Tuesday said it expects oil demand to increase this year, but said rising oil prices could negatively impact fuel consumption, Reuters reported.
The oil exchange traded fund (ETF) was down almost 3% in afternoon trading Tuesday.
Goldman Sachs on Tuesday said the oil market is due for a “substantial pullback.”
U.S. Oil Fund