U.S. Oil Fund (NYSEArca: USO) was down 2% in early dealings Tuesday after falling more than 3% the previous session.
Oil prices declined after the International Energy Agency said it is worried high prices will cut demand and slow economic recovery as traders positioned for weekly oil inventory reports, Reuters reported.
Also Tuesday, a Goldman Sachs analyst wrote the oil market will experience “a substantial pullback,” blog Zero Hedge reported.
The oil exchange traded fund (ETF) fell sharply to open the week after Goldman strategists closed out a commodities trade that had included crude oil.
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.