Crude Oil Surges In Late Trading (SCO, DBO)

U.S. crude oil futures surged in late trading on Wednesday. Crude oil for delivery in April was up at $82.09 a barrel on the New York Mercantile Exchange, which is the highest close since January 11. It reached a high of $83.03 in trading today. Meanwhile, Brent crude for delivery in April closed at $80.48 in London. The ProShares Ultrashort DJ-UBS Crude Oil (ETF) (NYSE: SCO) closed at $12.67, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) closed at $27.75, on Wednesday in New York.