The spot price for oil shot higher on Friday, June 6, renewing interest in the commodity while sinking stock prices. According to the WSJ, the intraday high of $139.12 per barrel shattered the previous record by more than $4.
ETF investors can establish positions on the price of oil as we first discussed in our March post Oil ETFs.
Investors can take long or short positions on the spot price of oil with Victoria Bay Asset Management’s United States Oil Fund (Amex: USO) or the futures price with Barclay’s iPath S&P GSCI Crude Oil Total Return Index ETN (NYSEArca: OIL).
In addition, the United States 12 Month Oil Fund (Amex: USL) is an exchange-traded commodity pool that is designed to track the price movements of oil. The fund uses a series of benchmark future contracts on crude oil to have the changes in percentage terms of the units’ net asset value reflect the changes in percentage terms of the price of light, sweet crude oil. For more, see the USL website.