Oil Gains as U.S. Dollar Falls Against Euro (UCO, USL, SCO, SZO)

Eurozone's finance ministers agreed a $110 billion bailout plan for Portugal on Tuesday, easing traders fears about the prospects of the European currency. The U.S. dollar quickly started retreating against the euro. With the U.S. dollar falling oil futures moved into positive territory. In general, the price of oil and dollar go in opposite directions. At the moment, the price of oil is around $97.3x. Those investors who think the euro will keep gaining against the greenback, which will put pressure on oil prices to go up, will be interested in ProShares Ultra DJ-AIG Crude Oil ETF UCO or United States 12 Month Oil Fund USL. Some investors might think that the greenback will start rising soon, especially after FED's quantitative easing is over. Those traders will be interested in shorting the price of oil. As a result, they will keep an eye on ProShares UltraShort DJ-AIG Crude Oil ETF SCO and PowerShares DB Crude Oil Short ETN SZO.