U.S. Oil Fund (NYSEArca: USO) climbed over 2% in afternoon action Friday as crude futures topped $112 a barrel and notched a 30-month high.
Investors continued to worry about supply problems in Libya, sending crude to its highest intraday level since September 2008, according to reports.
“Traders are gearing up for further oil price upside,” a trader at SK Energy told Dow Jones Newswires.
The oil exchange-traded fund (ETF) came into Friday with a gain of nearly 13% so far in 2011.