Oil prices surged as much as 5 percent on Friday as OPEC agreed a modest increase in output to compensate for losses in production at a time of rising global demand.
WTI crude futures finished Friday’s session up $3.04, or 4.6 percent, at $68.58 a barrel.
The jump in oil prices has helped support a rally in OOO, Betashares Oil ETF.
Our Algo Engine triggered a buy signal in OOO last week at $18.10 and today the ETF is trading at $19.15.
The rally in oil is also supporting STO, OSH & BHP, which are all current holdings within our ASX50 model portfolio.
Author: Leon Hinde
Leon has been working in the financial services industry for 18 years in management and advisory roles. Leon has extensive experience in general advice and dealings involving securities and derivative financial products.
PS 146 Securities & Derivatives, ADA 1 & 2 accreditation, Responsible Manager Certificate. Leon is authorised to provide financial product advice and deal with respect to the following financial products:
· Deposit Products
· Interest in managed investment schemes; and
· Government debentures, bonds and stocks