Oil ETFs Dive on Inventories, Jobless Claims
May 5th 2011 at 9:19am by John Spence
The largest exchange traded fund (ETF) tracking oil futures dropped more than 3% early Thursday following a rise in U.S. weekly jobless claims and higher inventories.
Applications for jobless claims rose to 474,000 in the latest week as the total came in higher than economists had forecast.
Separately, a report Wednesday from the U.S. Energy Department said oil inventories climbed to the highest level since in several months.
U.S. Oil Fund (NYSEArca: USO) was down more than 3% before the opening bell Thrusday.
U.S. Oil Fund
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.