Oil price recovery has a positive impact on crude oil ETFs

2015-02-09 12:09:02

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Oil prices generally continue to grow since January 29 and the low of $43,85 per barrel. Monday, February 9, is the third consecutive day of rising prices, which now do not fall under $53 per barrel. Today the main reason seems to be OPEC's forecast of higher demand than was previously stated, and of less supply from countries outside OPEC.

After seven months of crashing oil prices it is definitely hard to believe in reaching June's levels within next months. However, recent move is undisputably the strongest growing trend since the beginning of the oil prices' crash. This has an impact on crude oil ETFs. For example, PowerShares DB Oil Fund's price experienced a strong growth of about 20% to $15 from $12,5 on January 29. If more optimistic data follow today's OPEC forecast, a constant growth trend may be seen this week.


Follow crude oil ETFs trends: http://www.trendsinvesting.com/motif-details/Crude_Oil/weeks/absolute

 

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