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Today, we’re opening a new bullish trade on United States Oil Fund LP (NYSEARCA:USO).
After last Friday’s oil debacle, we have been waiting for some sign that traders have begun anticipating additional OPEC intervention (verbal or otherwise) in the oil market.
The decline was initiated by comments with the Russian oil minister that production levels may be increased, but doing so at the expense of lower prices seems unlikely.
In the short term, we expect that traders will be planning for a flip-flop from OPEC. The underlying fundamentals are reasonably positive as well, which should help boost prices up off of support.
‘Buy to open’ the USO July 14 Call (USO180720C00014000) for a maximum price of $0.45.
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