Oil ETFs Rise on OPEC Meeting Drama

June 8th at 9:59am by Tom Lydon

Oil exchange traded funds followed crude prices higher Wednesday as traders reacted to news of a rocky OPEC meeting that ended abruptly.

The member nations were unable to reach consensus to raise production, defying market expectations, according to reports.

Crude futures rose above $100 a barrel in morning trade Wednesday. U.S. Oil Fund (NYSEArca: USO) climbed nearly 2% at last check.

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The opinions and forecasts expressed herein are solely those of Tom Lydon, 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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