Thursday Market Wrap: Late Rally Boosts Oil ETF

April 7th at 1:29pm by John Spence

U.S. Oil Fund (NYSEArca: USO) rose 1.4% Thursday thanks to a late-day surge in crude that pushed futures prices over $110 a barrel.

The oil exchange traded fund (ETF) came into Thursday’s session up 15% over the past three months.

In precious metals, silver ETFs are shining ever brighter as silver prices are pushing towards $40 an ounce.

A $7 billion portfolio of Japanese stocks fell Thursday in U.S. trading following reports the beleaguered country was hit by a magnitude 7.1 earthquake.

U.S. stock ETFs ended Thursday with a slight loss after rising earlier in the session following an upbeat report on jobless claims.

In commodities, ETFs for coffee and base metals rallied again.

Natural-gas ETFs extended their losing streak to five days after a supply report.

In currency ETFs, the euro was little changed after the European Central Bank boosted a key interest rate as expected.

Yen ETFs were higher after a recent slide.

Elsewhere, in bonds, ETFs that invest in Treasuries were lower Thursday as a deadline loomed on the U.S. budget.

The $56.6 billion gold ETF booked a fresh record high but ended the session flat.

Gold and silver miner ETFs were mixed Thursday after their recent breakout.

Global X Silver Miners ETF (NYSEArca: SIL)

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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