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) - Get Report was down more than 1% in early trading Friday, Proshares Ultra Bloomberg Crude (UCO) - Get Report fell nearly 3% and the iPath S&P GCI Crude Index (OIL) - Get Report 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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