The United States Oil Fund (NYSE:USO) is in focus these days as crude posts 8 winning sessions in a row, perhaps signaling a real bottom to a historically weak market.
CNBC has some details on the biggest winning streak in five years:
U.S. West Texas Intermediate (WTI) crude futures ended Monday’s session $1.03, or 2.2 percent, higher, at $47.07 per barrel. That marked a four-week closing high, adding to last week’s 7 percent gain.
Brent crude futures climbed 92 cents, or 1.9 percent, to $49.69 per barrel by 2:35 p.m. ET (1835 GMT), after jumping 5.2 percent last week, its first weekly gain in six weeks. Brent traded at its highest intraday level in more than three weeks on Monday.
Despite the U.S. equities and bond markets being closed on Tuesday for the July 4th holiday, energy markets are open. So, we’ll keep a close eye on crude to see if it can extend its gains to the ninth straight day.
The United States Oil Fund LP ETF (NYSE:USO) closed at $9.62 on Monday, up $0.12 (+1.26%). Year-to-date, USO has declined -17.92%, versus a 8.36% rise in the benchmark S&P 500 index during the same period.
USO currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #38 of 130 ETFs in the Commodity ETFs category.