WTI Crude is up 0.68% and Brent Crude up 0.34% as of 1:30 pm Eastern time. This increase is also reflected in oil ETFs today—United States Oil Fund LP (NYSEArca: USO) is up 0.90%, PowerShares DB Oil Fund (NYSEArca: DBO) is up 0.76% and the United States Brent Oil Fund LP (NYSEArca: BNO) is up 0.42%.
“Strong economies lift commodity prices so there is demand in the world and regardless of sticking to this supply quota,” said Schork. “It would behoove Saudi Arabia and the Iraqis for that matter to continue to put oil out onto the market and given that Saudi Arabia has been the one over the last two and a half years that have done the heavy lifting as far as sacrificing market share to prop up oil prices, I don’t think Iraq is in any sort of position to send a signal to Saudi Arabia.”
For the full interview with Steven Schork, watch the video below.
For more news and strategy on the Oil ETF market, visit our Oil category.