Oil ETFs rose on August 29 due to the increase of U.S. consumer income and spending in July, ETF Trends reports. The U.S. Oil Fund rose 2.4% in August after consumer spending increased a higher-than-expected 0.8% in July.
Fed chief Ben Bernanke expects the economic recovery to pick up in the second half. Traders become bullish on the U.S. economy as hurricane Irene caused less damage than expected.
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