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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OPEC+ is considering a proposal where Saudi Arabia would extend its voluntary 1 million barrels per day (B/D) cut, along with additional cuts from other members, as reported by Reuters citing two delegates.

Portfolio Pulse from Charles Gross

November 30, 2023 | 11:19 am

Reuters has reported that the OPEC meeting has commenced. Details of the meeting's discussions or decisions have not been disclosed yet. The meeting's outcomes could influence global oil supply and prices, potentially impacting related stocks and ETFs like USO.

Portfolio Pulse from Charles Gross

November 30, 2023 | 10:28 am

Crude oil prices have increased as Saudi Arabia advocates for an OPEC+ production cut. The move by the Saudis is aimed at stabilizing the oil market and potentially lifting oil prices by reducing supply. This development comes ahead of a crucial OPEC+ meeting where member countries will discuss production levels.

Portfolio Pulse from Charles Gross

November 30, 2023 | 10:08 am

Stocks are on the rise with the S&P 500 and Nasdaq 100 nearing highs, driven by stronger-than-expected U.S. GDP growth data for Q3. Despite hawkish comments from Richmond Fed President Thomas Barkin, the market is optimistic about future rate cuts. OPEC+ is considering oil production cuts, which has led to a rebound in oil prices. U.S. stock indices and sector ETFs saw gains, with notable performances from GM, WDAY, CRWD, GME, and NTAP after positive news. Other stocks and ETFs are also mentioned in relation to earnings reports and market performance.

Portfolio Pulse from Piero Cingari

November 29, 2023 | 6:59 pm

OPEC+ is contemplating new oil production cuts up to 1 million barrels a day due to the ongoing Middle East conflict. The decision could be made at a virtual meeting and may result in higher oil prices. The meeting was delayed from last week because of disagreements on production levels.