Shares of the UNITED STATES OIL FUND (NYSE: USO) are trading lower today by 0.42%, currently at $33.33. Oil futures have been sliding all of this week and much of last as worries about the global economy persist.
Options traders are betting on a bounce in the ETF though as it nears the $32.50 support level. The June $33 call was purchased over 4,000 times at the open today, very near the ask price; the same can be said for the June $36 call, which was purchased over 3,000 times.
The UNITED STATES OIL FUND seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil. The fund will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges.
