Oil prices rallied Wednesday amid speculation OPEC may scale back output in response to the International Energy Agency’s recent decision to release oil from its strategic reserve, Bloomberg reported.
OPEC’s top official said he wanted to avoid a repeat of a release of IEA stockpiles, WSJ.com reported.
U.S. Oil Fund (NYSEArca: USO) was up 3% in recent trading. The $1.5 billion ETF invests in crude futures. The ETF was down 12% for the three months ended June 28 on the pullback in commodities.
Oil rallied Wednesday after Greece passed austerity measures in a controversial vote, while the dollar weakened against the euro and other rivals. PowerShares DB US Dollar Bullish (NYSEArca: UUP) fell 0.6%.
U.S. Oil Fund
PowerShares DB US Dollar Bullish