Oil exchange traded funds plunged nearly 5% on Wednesday afternoon as crude futures dropped from about $100 a barrel to $94 before bouncing somewhat. The ETFs were hit by worries over the global economy and a rush of investors seeking safety in the greenback.
U.S. Oil Fund (NYSEArca: USO) was off 4.4% in recent trading.
Stock ETFs fell sharply on Wednesday while the market’s apparent focus on protests in Greece was eerily reminiscent of the May 2010 flash crash.
PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) jumped nearly 2%. The ETF profits when the dollar strengthens against its currency rivals.
U.S. Oil Fund
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