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USO Rockets Higher



January 31, 2011 – Comments (0)

Spot crude closed the day higher by nearly 3.00 points as the Suez Canal waterway in Egypt remains closed. This closed waterway causes the major oil ships to have to take a different route in order to deliver crude. The popular United States Oil Fund(NYSE:USO) is trading higher by $1.13 to 38.71. This is a 3.00 percent rally in the popular oil ETF. The USO will have intra-day support around the $39.00 level and a bit more around $39.25. Remember spot crude is closed for the day on the New York Mercantile Exchange and the USO will usually not trade as actively as it does when spot crude is open.

Nicholas Santiago

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