Crude oil and holding ETFs are on the rise, nearing monthly highs that haven’t been seen since March. Strategists at Goldman Sachs believe there is still a possibility for a large spike later this summer. WTI Crude oil is up over 2% today bringing the price per barrel to over $122 but the end doesn’t seem near as the conflict in Ukraine continues to cause problems further raising prices. As crude oil continues to rise it could spark good things coming for ETFs involved.
The United States Oil Fund (USO) and the ProShares Ultra Bloomberg Crude Oil (UCO) are both in the spotlight for huge gains if the market continues and on the other hand short ETFs such as the ProShares UltraShort Bloomberg Crude Oil (SCO) would not benefit from rising prices.