Oil prices surged as much as 5 percent on Friday as OPEC agreed a modest increase in output to compensate for losses in production at a time of rising global demand.
WTI crude futures finished Friday’s session up $3.04, or 4.6 percent, at $68.58 a barrel.
The jump in oil prices has helped support a rally in OOO, Betashares Oil ETF.
Our Algo Engine triggered a buy signal in OOO last week at $18.10 and today the ETF is trading at $19.15.
The rally in oil is also supporting STO, OSH & BHP, which are all current holdings within our ASX50 model portfolio.