OPEC Meeting Starts: How Oil ETFs Are Trending

Today, WTI Crude Oil was up 1.74% and Brent Crude Oil was down 0.45%. In addition, three of the largest oil ETFs based on total assets were mixed today ahead of the OPEC production announcement:

  1. United States Oil (NYSEArca: USO): up 0.60 %
  2. Invesco DB Oil (NYSEArca: DBO): down .09%
  3. United States Brent Oil (NYSEArca: BNO): down 0.82%

Nonetheless, demand for oil has been strong in 2018, but the International Energy Agency’s June report said demand growth could slow to 1.25 million barrels a day in the second half of 2018–a drop from 1.5 million barrels in the first half as a result of higher prices.  Overall, oil production in the U.S. has been up the last five year years after remaining relatively flat in the preceding years.

Oil ETFs Mixed as OPEC Meeting Commences 1

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