Oil Prices Rise (SCO, DBO)

Oil prices rose on the New York Mercantile Exchange by 32 cents to $76.69 a barrel at 12:46 p.m., London time. Brent crude also saw a rise of 93 cents to $81.42 a barrel on the ICE Futures Europe exchange in London. US crude oil inventories have increased by 1.75 million barrels in the week that ended on May 7. Equity markets have also been on rise as companies declared positive quarterly results. The doubts about the effectiveness of the Greek bailout package have long pulled down equity markets, oil prices and the euro. Rebound of these three indicates increasing investor confidence in economic recovery and the Greek bailout package. In New York, the ProShares Ultra-Short DJ-UBS Crude Oil (ETF) (NYSE: SCO) was down by 0.45% to $13.42, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) was up by 0.07% to $26.80, in trading today.