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February West Texas Intermediate US:CLF9 US:CLF9 tumbled $2.29, or 4.8%, to settle at $45.88 a barrel, after rallying 3.4% on the New York Mercantile Exchange Wednesday. Prices had fallen after the Fed decision Wednesday afternoon to raise interest rates for the fourth time this year.
Prices for the U.S. benchmark logged their lowest finish since July 21, 2017, according to Dow Jones Market Data.
“It is the same story with concerns of strong supply and slowing global demand,” said Brian Youngberg, a senior energy analyst at Edward Jones.
Looking ahead, however, analysts were more upbeat about oil’s outlook for 2019 on bets for a slowdown in oil market investments and production.
The United States Oil Fund LP (USO) was trading at $9.72 per share on Thursday afternoon, down $0.30 (-2.99%). Year-to-date, USO has declined -19.07%, versus a -7.03% rise in the benchmark S&P 500 index during the same period.
USO currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 108 ETFs in the Commodity ETFs category.
This article is brought to you courtesy of MarketWatch.
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