Going for oil? Stick with the oil exploration companies via the PowerShares Dynamic Energy Exploration (PXE) exchange traded fund. Oil prices hit a new high of $70.88 a barrel in Tuesday trading, amid international tension over Iran’s nuclear program and worries about supply disruptions in Nigeria. The previous intraday high was set August 30th, when Hurricane Katrina lashed at the U.S. Gulf Coast and wreaked havoc on the region’s oil industry.
PXE is up 12.17% year-to-date. Top holdings include, Burlington Resources, XTO Energy (XTO), ExxonMobil (XOM), Conoco Phillips(COP) and Anadarko Petroleum (APC), each making up 5% of the ETF.
The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.