U.S. Oil Fund (NYSEArca: USO) was up 2.4% in afternoon trade Monday.
Expectations of widespread oil refinery shutdowns and delays due to damages from hurricane Irene were quickly dispersed after the storm fizzled out over the weekend, reports Dan Strumpf for The Wall Street Journal.
“Initial indications are that the storm was less destructive than feared and as a result the products are shedding some of their storm premium that was injected late last week,” said Jim Ritterbusch, head of Ritterbusch & Associates, according to the report.
U.S. Oil Fund
Max Chen contributed to this article.