The ongoing economic expansion and supply concerns over Iran, the Organization of Petroleum Exporting Countries’ third largest producer, have helped bolster crude oil exchange traded funds, with West Texas Intermediate crude hitting three year highs.
On Wednesday, the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, rose 2.2% and the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, gained 1.9%.
Meanwhile, WTI crude oil futures was up 2.4% to $61.8 per barrel on Tuesday while Brent crude was 2.0% higher to $67.9 per barrel.
Crude oil strengthened Wednesday, with prices U.S. crude topping $61 a barrel for the first time in two-and-a-half years, CNBC reports.
The broader market strengthened on healthy economic data, including strong U.S. manufacturing data that increased more than expected and figures that showed German unemployment hit a record low. Manufacturing and construction reports also fueled expectations for a robust U.S. economy in 2018, Reuters reports.