Oil ETFs Higher After Industrial Production Figures
April 15th 2011 at 9:52am by John Spence
U.S. Oil Fund (NYSEArca: USO), the largest exchange traded fund (ETF) tracking oil futures, added more than 1% Friday afternoon following data on industrial production.
Crude futures rose to trade around $110 a barrel after a report from the Federal Reserve that U.S. industrial production climbed nearly 1% in March.
“It’s a combination of the data we’ve received and some short covering,” a broker told Dow Jones Newswires. “Volatility is still there, and you don’t want to have a short position going into the weekend.”
The oil ETF was up 11% year to date as of April 14, according to Morningstar.
U.S. Oil Fund
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