ETF Chart of the Day – USO United States Oil Fund

USO United States Oil Fund 35.92 (+.34)

January Crude Oil is rallying today, +1.17 to 70.67

The move comes from a report that industries have increased production in the U.S. over the last three months, potentially increasing fuel demand.

USO held its 200 day moving average at 35.20.  Needs a breakout past 37.29 (prior breakdown point) for a sustained move higher.  Could be a tough get unless we see a big draw in crude supplies in tomorrows inventory numbers.

(Click chart to enlarge)

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