Oil ETFs To Open Week Higher As Crude Tops $108

April 4th at 4:31am by John Spence

The largest exchange traded fund (ETF) tracking oil futures rose in premarket action Monday as crude prices advanced above $108 a barrel to a 30-month high.

The $2 billion U.S. Oil Fund (NYSEArca: USO) rose Friday following a positive jobs report and as investors continued to watch the fighting in Libya. The oil ETF gained more than 10% in the first quarter. [Oil ETFs Rise As Crude Tops $107 A Barrel.]

“The U.S. data paints a positive picture,” Jonathan Barratt, managing director of Commodity Broking Services, told Bloomberg Monday. “People are still concerned about Libya, but not overly. If Qaddafi decides to call it a day, then there will be a short, sharp sell-off.”

U.S. Oil Fund was up 0.4% before Monday’s opening bell.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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