29.07.2016 - Oil ETF Drops Into Bear Market Area And Short Sellers Crowd In
ETFs tracking major domestic indexes closed mixed Thursday, as the stock market digested corporate earnings and fretted about an oil glut. The Dow industrials continued their losing streak for a fourth day. Oil prices struck a new three-month low on Thursday after official data showed a surprise increase in crude oil and gasoline stockpiles. U.S. light crude settled at $41.14 per barrel. United States Oil (USO), a commodity exchange traded fund, dropped more than 2% as it fell for the sixth consecutive session. The ETF is now down roughly 22% from its 2016 high of 12.45, which technically marks bear market territory...............................................Full Article: Source
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