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.

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The COP28 Climate Summit in Dubai has nations reaffirming commitments to reduce fossil fuel reliance, posing a potential challenge to oil companies. Despite this, oil stocks like Chevron, Exxon Mobil, and ConocoPhillips remained stable on the summit's opening day. Discussions on carbon capture and storage (CCS) are anticipated, with companies like California Resources Corp, Baker Hughes, and ExxonMobil positioned to benefit. ETFs tracking the carbon capture industry include KRBN, SMOG, and CRBN.

Portfolio Pulse from Neil Dennis

November 30, 2023 | 5:12 pm

OPEC+ has set production targets for Angola at 1.11 million barrels per day, Congo at 0.277 million barrels per day, and Nigeria at 1.5 million barrels per day, according to a draft statement reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:33 pm

Brazil is set to join the OPEC+ oil alliance next year, according to delegates. This move could potentially influence global oil production levels and impact oil prices.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:32 pm

OPEC+ has revised the production targets for an African producer for the year 2024, according to a draft statement. The specific details of the revision and the impact on the global oil market were not disclosed in the article.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:31 pm

The Personal Consumption Expenditures (PCE) data, a key inflation gauge for the Fed, came in line with expectations, disappointing both market bulls and bears who were expecting a different outcome to influence market direction. Positive earnings from Salesforce, Snowflake, and Synopsys, all benefiting from AI, have lifted the stock market. Eurozone inflation fell more than expected, while China's PMI data suggests economic weakening. Early trade money flows are positive for several tech giants but negative for Amazon. The SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1 are also seeing positive money flows. The Arora Report advises investors to maintain a balance between cash, hedges, and investments to protect and participate in market upside.

Portfolio Pulse from The Arora Report

November 30, 2023 | 3:21 pm

OPEC+ ministers have commenced a meeting to discuss the oil output levels for the year 2024. The outcome of this meeting is expected to influence global oil supply and potentially affect oil prices.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:03 pm

The UAE is set to launch a $30bn climate investment fund in collaboration with BlackRock, TPG, and Brookfield during COP28. Lunate Capital, a new Abu Dhabi-based asset manager, will oversee the fund, with $5bn dedicated to investments in the Global South. The initiative is part of the UAE's efforts to position itself as a leader in climate finance and to address scrutiny over its role as a major oil and gas producer hosting the climate summit. The fund aligns with global financial needs for transitioning to green energy and adapting to climate change, as outlined by the UN and the International Energy Agency.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 2:52 pm

Saudi Arabia and Russia have announced significant oil production cuts, with Saudi Arabia reducing output by 1 million barrels per day and Russia by 500,000 barrels per day. Other countries are also expected to cut production further, which could lead to a tightening of global oil supplies.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 2:46 pm

OPEC+ has reportedly reached a consensus on reducing oil output, according to Reuters citing two sources. This decision could potentially affect global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 2:30 pm

Saudi Arabia has received provisional support from OPEC+ members for potential oil production cuts. This move is aimed at stabilizing global oil prices amidst fluctuating demand and geopolitical tensions. The decision is not final and will depend on various factors, including the global economic outlook and oil market conditions. If implemented, the production cuts could lead to higher oil prices.

Portfolio Pulse from Charles Gross

November 30, 2023 | 11:37 am

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