Oil is on the rebound this morning after sinking to eight-month lows yesterday. Midday, it’s trading above $91 a barrel, but analysts say it’s not likely to stick, reports George Jahn for the Associated Press. Since oil reached a record high of $147.27 on July 11, prices have fallen nearly 40%.
United States Oil (USO) is down 5.5% year-to-date, and down 38.7% in the last three months.
Investors are continuing to move into gold today, as worries about the market persist. The metal is up 2% so far today after gaining 4% yesterday, reports Moming Zhou for MarketWatch. An analyst says gold should continue to move higher as the demand for safety grows and the Fed hashes out its plan.
SPDR Gold Shares (GLD) is up 2.2% year-to-date, while PowerShares DB Gold (DGL) is up 0.9% year-to-date.
