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Oil now above $70 on Saudi Supply Cuts

Submitted by Frank Lara Jr on Tue, 11/04/2008 - 15:14.
in
Oil Prices

Oil heads back above $70 after Saudi Arabia, the world's biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August.

The United States Oil Fund LP (ETF) (AMEX:USO) is up 11% today to $58. Besides playing the DUG or DIG, the USO is yet another way to bet on the oil sector.

PETROLEUM ($/bbl) - TODAY'S PRICES 11/4/2008

  PRICE* CHANGE % CHANGE TIME
Nymex Crude Future 70.81 6.90 10.80 13:23
Dated Brent Spot 66.34 6.15 10.22 13:53
WTI Cushing Spot 70.88 6.97 10.91 12:19

United States Oil Fund, LP (USOF) is a commodity pool that issues limited partnership interests or units that may be purchased and sold on the American Stock Exchange (the AMEX).

The Company invests in futures contracts for light, sweet crude oil and other types of crude oil, heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the New York Mercantile Exchange (NYMEX), International Currency Exchange (ICE) Futures or other United States and foreign exchanges (collectively, Oil Futures Contracts).

The DIG and the DUG?  Those ETF's are the following:

Ultra Oil & Gas ProShares (AMEX:DIG) - This ETF profits when the big oil companies stock does well.  Its largest 10 largest holdings are:

Security Description Weight
EXXON MOBIL CORP COM STK 25.07%
CHEVRON CORP COM STK 10.85%
CONOCOPHILLIPS COM STK 7.16%
SCHLUMBERGER COM USD0.01 6.35%
OCCIDENTAL PETROLEUM CORP 3.99%
DEVON ENERGY CORP(NEW) 2.56%
APACHE CORP COM STK 2.41%
TRANSOCEAN INC. (NEW) COM 2.40%
HALLIBURTON CO COM STK 2.29%
ANADARKO PETROLEUM CORP 1.91%

UltraShort Oil & Gas ProShares  (Public, AMEX:DUG) - ProShares seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Oil & Gas IndexSM.  What are the companies in that Index?  A ton, but the biggest holdings can be found here.

Some thoughts on Oil prices from InvestmentInsight:

 


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