However, the Saudis reported that they have boosted their oil output this quarter, which caused prices to retreat, according to CNBC. Will it stick?
Midday, oil was up to $136.61. Gas prices, meanwhile, hit a new record of $4.043. They’re not likely to stop until oil prices peak.
Several ETFs hold gas and oil futures, and many investors seem to be feeling that if you can’t beat ’em, join ’em. But the Commodity Futures Trading Commission (CFTC) is meeting today to discuss the role of index trading in energy markets, Tom Doggett for Reuters reports. Could their conclusions bring some relief?
- United States Oil (USO), up 43.9% year-to-date
- PowerShares DB Oil (DBO), up 43.6% year-to-date
- United States Gasoline (UGA), up 28% since Feb. 28 inception
