| Oil prices sank to near 12-year lows last week, sending the United States Oil Fund, which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund, which tracks Brent crude oil futures, down an average of 12% for the week.
That dour start to the year for USO and BNO comes after the exchange traded funds each lost more than 40 percent last year. Even with the faltering prices, the Organization of Petroleum Exporting Countries (OPEC) is not doing much to reverse oil’s slide. Last month, oil prices fell to their lowest levels since early 2009 after OPEC’s meeting Friday ended without an agreement to lower production, Reuters reports...............................................Full Article: Source |