Oil Rises Above $82 A Barrel (SCO, DBO)

Oil rose above $82 a barrel in trading on Thursday. Prices were still below the eight-week high reached on Wednesday. U.S. crude for delivery in April rose to $82.19 a barrel, while Brent crude for delivery in April rose to $80.62 a barrel. “While we think crude prices will test their 2010 high, they are unlikely to substantially exceed it,” said MF Global analyst Edward Meir. The ProShares UltraShort DJ-UBS Crude Oil (ETF) (NYSE: SCO) was at $12.77, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) was at $27.68, at 9.46 a.m. on Thursday in New York.