USO Tumbles to Fresh Lows as Oil Continues to Slide

Oil prices continue to move lower as the new trading year gets underway, with benchmark WTI crude oil pushes through support at $53 per barrel.  The next target for crude oil will likely be the 2007 lows at $49 per barrel.  Although it is unlikely that prices will test the 2010 lows at $35 per barrel, volatility remains elevated which could propel negative momentum.

The oil price drop will have a…