Have we somehow traveled back in time to this time last year? Rising gas and oil prices are the talk of the town, and related exchange traded funds (ETFs) are moving skyward. What’s going on? Oil has hit $60 a barrel for the first time in six months. While that’s a far cry from the record $147.27 hit last July 8, the price spike is getting attention because inventories are still very high.
The prices are also rising in part because of the U.S. dollar, which has been weak, Reuters says. China also plays a part – the country is the world’s second-largest energy user. They said that crude imports in April rose to their second-highest daily rate on record.
Full Story: http://www.etftrends.com/2009/05/oil-and-gas-etfs-are-jumping-but-why.html