Oil prices rose above $78 a barrel today, a two-week high, ahead of key inventory data release by the US government’s Energy Information Administration later in the day. The price of US crude for March delivery rose to $78.04 a barrel. This is the highest level since January 21.
The London ICE Brent for March delivery rose to $76.72. The US crude increased by 3.8% yesterday. This was due to expectations of a strong demand for oil from China in the coming months, and a dip in the US dollar.
The ProShares Ultra Short DJ-UBS Crude Oil (ETF) (NYSE: SCO) is trading at $14.39. The PowerShares DB Oil Fund (ETF) (NYSE: DBO) is trading at $26.64. The ProShares Ultra Short DJ-UBS Crude Oil (ETF) (NYSE: SCO [FREE Stock Trend Analysis]) has had a 52 week range of $12.25-$58.76 and the PowerShares DB Oil Fund (ETF) (NYSE: DBO) has had a 52 week range of $15.75-$28.86.
