President Donald Trump's decision to exit the Paris Climate agreement Thursday has had a ripple effect across the energy sector, sending the three largest U.S. oil exchange traded funds lower Friday on concerns that the move will exacerbate the global supply glut that has more than halved oil prices from their peak two years ago.
United States Oil Fund (USO) was down more than 1% in early trading Friday, Proshares Ultra Bloomberg Crude (UCO) fell nearly 3% and the iPath S&P GCI Crude Index (OIL) dropped 1.5%.
Oil prices also took a hit Friday morning too, both industry standard Brent crude and West Texas crude were down 2% to $49.62 per barrel and $47.40 per barrel respectively.
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