Energy Stocks Are The Leaders Today
Today most of the energy stocks are trading sharply higher today. The popular Oil Services Holders Trust(NYSE:USO) is trading higher by 3.11 to $140.59. Just yesterday the OIH was under pressure for most of the session. However, today spot crude is trading sharply higher by $1.93 to $91.18 a barrel. The rally in crude comes as there is a leak in pipeline in Alaska that had to be shut down. It is reported that the United States receives 15.0 percent of it's domestic oil from this area.
Other leading energy stocks that are trading higher today are ConocoPhillips(NYSE:COP), Devon Energy Corp.(NYSE:DVN), and Noble Energy Inc.(NYSE:NBL) just to name a few stocks. As long as the Federal Reserve Bank continues to create new cash reserves hard assets such as oil, energy stocks, and most other commodities may trade higher as investors look to replace the U.S. Dollar as the reserve currency.