Streetbeat News

USO

United States Oil Fund, LP

http://www.unitedstatesoilfund.com

Industry

Asset Management

USO invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.

Open

N/A

Mkt cap

N/A

Volume

N/A

High

N/A

P/E Ratio

N/A

52-wk high

N/A

Low

N/A

Div yield

N/A

52-wk low

N/A

The U.S. Department of the Treasury's OFAC has designated individuals and entities for facilitating Iranian financial support to Houthi forces, impacting international shipping. The sanctions target a network including exchange houses in Yemen and Türkiye, aiming to disrupt the flow of funds to the Houthis. The actions are based on Executive Order 13224, which focuses on counterterrorism efforts. Sanctioned parties' assets in the U.S. are blocked, and U.S. persons are generally prohibited from dealing with them.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:49 pm

Crude oil experienced a volatile year in 2023, with WTI starting at $80.18 and currently trading down about 8%. OPEC+ production cuts failed to sustain prices, while U.S. oil production hit a potential record, challenging OPEC's influence. Major acquisitions in the U.S. oil sector included Chevron's purchase of Hess and Exxon Mobil's acquisition of Pioneer Natural Resources. The United States Oil Fund, LP (USO) reflects the oil price trend with a 1.1% YTD loss. Analysts predict a conservative average of $85 for Brent crude, while fund manager Louis Navellier sees potential for oil to breach $100 a barrel.

Portfolio Pulse from Shanthi Rexaline

December 28, 2023 | 6:43 am

MSC Mediterranean Shipping's container ship, MSC United VIII, was attacked on Dec. 26 while transiting the Red Sea, going from King Abdullah Port, Saudi Arabia to Karachi, Pakistan.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 7:06 pm

Yemen's Houthi military spokesman announced that they targeted the MSC United commercial ship in the Red Sea with missiles after it ignored three warning calls. The incident was reported by Reuters with a corrected headline.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:46 pm

Yemen's Houthi military spokesman announced that they hit an MSC United commercial ship in the Red Sea with missiles after it ignored three warning calls. The incident was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:06 pm

The U.S. government has purchased 3 million barrels of oil for its Strategic Petroleum Reserve (SPR), with the transaction set to occur under a March 2024 purchase award, according to a statement cited by Reuters.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 5:38 pm

Stock indices marked their eighth consecutive week of gains, with the S&P 500, Dow, and Nasdaq all rising. Inflation measured by the PCE index fell to 2.5% in November, the lowest since March 2021, prompting economists to reconsider the Fed's rate plans for 2024. Bullish views included predictions for Apple and Tesla, a potential Bitcoin ETF approval, and a Dogecoin rally. Bearish perspectives involved a drop in oil prices following Angola's OPEC exit, a predicted 75% fall in Ethereum, and a downgrade of Roku by Seaport Research Partners.

Portfolio Pulse from Michael Cohen

December 23, 2023 | 2:50 pm

Nigeria's Petroleum Minister has reaffirmed the country's unwavering commitment to OPEC amidst the dynamic landscape of the global energy sector, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:03 pm

Disruptions in the Red Sea due to attacks by Yemeni Houthi rebels are causing freight rate spikes and potential inflationary pressures. The Red Sea/Suez Canal corridor, accounting for 12% of global trade, is being avoided by freight companies, leading to longer shipping routes and higher costs. Maersk (OTCPK: AMKBY) has imposed a surcharge, and oil prices have risen, with BP (NYSE:BP) suspending oil shipments through the region. The United States Oil Fund (NYSE:USO) ETF tracking light-sweet crude oil prices has seen an increase. Delays and higher freight rates may affect product availability and prices, with Europe likely to feel the impact more than the U.S.

Portfolio Pulse from Neil Dennis

December 22, 2023 | 6:41 pm

The latest Baker Hughes rig count report shows an increase in gas rigs by 1 and a decrease in oil rigs by 3. This data is a key indicator of future production levels and can influence oil and gas prices, potentially impacting related stocks and ETFs like USO.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 6:26 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.