Oil Above $82 A Barrel (SCO, DBO)

Oil reached above $82 a barrel on Wednesday. U.S. crude for delivery in April rose $0.51 to $82.21 a barrel, while Brent crude in London rose $0.55 to $81.08. In New York, the PowerShares UltraShort DJ-UBS Crude Oil (ETF) (NYSE: SCO) closed at $12.71 on Tuesday, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) closed at $27.64 on Tuesday. On Wednesday, the members of OPEC will meet in Vienna. The members are expected to keep output targets for oil in place at their meeting. Oil is above OPEC’s target of $75 a barrel, with Ali al-Naimi even describing current prices as “beautiful”. "Good demand, reliable supply, beautiful prices -- we are very happy," said Naimi.