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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Oil prices fell as OPEC+ postponed its meeting to discuss output quotas due to a dispute over African quota with Nigeria and Angola. Brent crude dropped below $80 a barrel, and WTI fell to $74.61. The USO ETF declined by 1.7% in pre-market trade, while the FCG ETF was down 2.6%. High supply and lower demand, along with record U.S. production and warmer weather, are influencing the market. Saudi Arabia and Russia may consider deeper production cuts at the upcoming meeting, which could impact prices.

Portfolio Pulse from Neil Dennis

November 27, 2023 | 1:34 pm

Israeli Prime Minister Netanyahu is set to meet with Elon Musk on Monday to discuss the security aspects of AI and have a live online discussion. Additionally, an agreement in principle has been reached to allow Starlink communications in the Gaza Strip.

Portfolio Pulse from Charles Gross

November 27, 2023 | 10:00 am

Crude oil prices dropped as OPEC+ postponed a meeting due to a disagreement between Angola and Nigeria over production quotas. Brent Crude and West Texas Intermediate saw declines of 1.3% and 2.4%, respectively. The United States Oil Fund (USO) also fell by 1.1%. The postponement comes amid expectations that OPEC+ might extend production cuts to stabilize prices, with potential additional cuts from Saudi Arabia and Russia. U.S. inventory data showing a larger-than-expected increase in stockpiles also put pressure on oil prices.

Portfolio Pulse from Neil Dennis

November 24, 2023 | 8:18 pm

U.S. stocks saw their fourth consecutive week of gains, with small-cap stocks outperforming and tech stocks underperforming as Treasury yields rose. The iShares 20+ Year Treasury Bond ETF (TLT) fell 1.1% due to the yield surge. Gold remained steady at $2,000/oz. Sector-wise, healthcare stocks led gains while communication services and technology lagged. Nordstrom (JWN) and Best Buy (BBY) saw stock increases due to Black Friday discounts, while NVIDIA (NVDA) and First Solar (FSLR) declined. Cryptocurrencies, including Bitcoin and Ethereum, rose.

Portfolio Pulse from Piero Cingari

November 24, 2023 | 6:52 pm

The Qatar Foreign Ministry has confirmed the release of 39 women and children who were detained in Israeli jails, according to a report by Reuters citing X Post.