Oil Rebounds as Bears Book Profits (USO)
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Crude oil is up slightly Thursday as bears are taking profits following a week-long trouncing in the commodity known as "black gold." Swelling inventory levels and deteriorating economic conditions in Europe have weighed on crude prices.
After breaking below $100, WTI futures eventually found support around the $95 level. Short sellers took this as an opportunity to take some off the table, and the price rebounded to $97. NYMEX crude last traded up about 0.4 percent to $97.21 per barrel.
USO, an ETF that tracks US crude oil, is up 0.5 percent in intra-day trading on Thursday.
After breaking below $100, WTI futures eventually found support around the $95 level. Short sellers took this as an opportunity to take some off the table, and the price rebounded to $97. NYMEX crude last traded up about 0.4 percent to $97.21 per barrel.
USO, an ETF that tracks US crude oil, is up 0.5 percent in intra-day trading on Thursday.
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