This morning the Unites States Oil Fund (NYSE:USO) has pulled back sharply from it’s morning highs. The USO is now trading higher by just 0.15 cents to $42.48 a share. Spot crude for April delivery has declined sharply from it’s morning high and this is certainly giving the major stock indexes a small boost higher. Traders and investors should note that the BBC is reporting that Col. Gadaffi is looking to flee Libya. Even when oil was at it’s peak this morning the major stock index futures were all trading higher before the opening bell at the New York Stock Exchange. Crude prices are extended on the daily chart, however, should the crisis in the Middle East continue to spread in the region crude could trade higher.
The United States Gasoline Fund (NYSE:UGA) has pulled back this morning after making a new 52 week high. The UGA is trading lower by 0.26 cents this morning to $49.40 a share. Should the UGA rally back toward the $50.00 level this could put pressure on the major stock indexes.