Crude OIL WTI Elliott wave count ; USO AMEX ETF

Crude Oil - one of the most important commodities if not the most important. Since the USO ETF(United States Oil Fund Lp)IPO Investors or stock traders can get direct exposure to the price of WTI crude oil.

Crude Oil Futures (NYMEX: CL) , USO (oil ETF) Charts

Crude Oil broke out of a triangle pattern and made a short term top at ~ 75$ it then headed back down to retest the triangle , this is technically normal and the initial price target for WTI crude oil remains ~81$ . See previous Crude Oil posts

United States Oil Fund Lp (AMEX: USO)

Victoria Bay Asset Management, LLC has recently listed the United States Oil Fund, LP (USO) on the American Stock Exchange (Amex).

USO's returns are expected to track the price movements of West
Texas Intermediate (WTI) light, sweet crude oil.
USO will invest its assets in futures contracts for WTI light, sweet crude
oil and other petroleum-based fuels that are traded on regulated futures
exchanges in the U.S. and elsewhere and other oil interests such as
cash-settled options on oil futures contracts, forward contracts for oil,
and over-the-counter transactions that are based on the price of oil.

http://www.unitedstatesoilfund.com/

Crude oil Futures

Crude oil is the world's most actively traded commodity, and the NYMEX Division light, sweet crude oil futures contract is the world's most liquid forum for crude oil trading, as well as the world's largest-volume futures contract trading on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark. Additional risk management and trading opportunities are offered through options on the futures contract; calendar spread options; crack spread options on the pricing differential of heating oil futures and crude oil futures and gasoline futures and crude oil futures; and average price options.

The contract trades in units of 1,000 barrels, and the delivery point is Cushing, Oklahoma, which is also accessible to the international spot markets via pipelines. The contract provides for delivery of several grades of domestic and internationally traded foreign crudes, and serves the diverse needs of the physical market.


The NYMEX mini crude oil futures contract, designed for investment portfolios, is the equivalent of 500 barrels of crude, 50% of the size of a standard futures contract. The contract is available for trading on the NYMEX Clear-Port electronic trading platform and clears through the New York Mercantile Exchange clearinghouse.