West Texas Intermediate futures scrapped together a modest gain Tuesday, but the benchmark U.S. oil contract still resides near 6 1/2-year lows. The United States Oil Fund (NYSE: USO) added nearly 2 percent Tuesday, a day after hitting an all-time, but USO closed near its lows of the day and is still doing little to inspire confidence.
USO, which tracks front month West Texas Intermediate contracts, is down more than 37 percent year-to-date and nearly 64 percent over the past 12 months. Using the standard definition of a security needing to fall 20 percent to be in a bear market, USO has experienced more than three bear markets in just a year.
As traders who have some experience with leveraged exchange traded products might suspect, things have been much, much worse for bullish leveraged oil ETFs and exchange traded ...
/www.benzinga.com/trading-ideas/long-ideas/15/08/5791594/leverage-cuts-both-ways-for-these-oil-etfs alt=Leverage Cuts Both Ways For These Oil ETFs>Full story available on Benzinga.com
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