Even More OPEC Rumors Push Oil Above $46/Barrel

oil and gas energyThe United States Oil Fund LP ETF (NYSE:USO) is rallying today on continued rumors that OPEC oil producers might take measures to prop up oil prices.

Another day, another rumor that OPEC might be considering discussing the idea of cutting oil production. Maybe.

Oil pic.twitter.com/Ty4qaJqiPB

— Stalingrad & Poorski (@Stalingrad_Poor) August 11, 2016

WTI crude oil prices briefly broke the $46 per barrel level this morning, the first time in about a month that oil has hit that level. Saudi Arabia is reportedly leading the debate about possibly putting a cap on oil output amid a global inventory glut.

The United States Oil Fund LP ETF (NYSE:USO) was up nearly 1% to $10.86 per share in Tuesday trading. Although the USO has lost about 2% of its value this year, oil has bounced 16.5% since August 2nd.

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