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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USA crude oil inventories saw a significant increase with a build of 8.701 million barrels, surpassing the estimated build of 1.160 million barrels and the prior build of 3.592 million barrels. This unexpected surge in oil inventories could suggest lower demand or higher production, potentially impacting oil prices and related stocks.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:30 pm

Venezuela's Deputy Oil Minister Erick Perez announced that the country is currently producing 850,000 barrels of oil per day, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:17 pm

OPEC has postponed its summit due to disagreements among its African member nations regarding the assessment of oil output. The organization is facing challenges in reaching a consensus on production levels, which is crucial for global oil supply and pricing.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 2:31 pm

OPEC+ has postponed its ministerial meeting to November 30 from the originally scheduled date of November 26, according to an OPEC statement released on Wednesday.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:24 pm

OPEC+ is set to proceed with its meeting on Sunday as scheduled, according to Reuters citing Ria. The outcome of this meeting could influence global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 1:02 pm

Crude oil prices fell after a Bloomberg report indicated that OPEC+ talks encountered difficulties due to Saudi Arabia's concerns over output levels. The Saudis are reportedly agitating for changes in production quotas, which has introduced uncertainty into the market, leading to a decrease in oil prices.

Portfolio Pulse from Charles Gross

November 22, 2023 | 12:55 pm

US stock futures indicate a rebound, with Nvidia's positive movement contributing to the optimism despite retail earnings disappointments. Economic data on jobs, consumer sentiment, and durable goods orders are expected to influence the market. The S&P 500 and Nasdaq ended a five-session winning streak on Tuesday. Analyst Adam Turnquist of LPL Financial highlights the broadening market rally and investor focus on the S&P 500 resistance level at 4,600. Premarket trading saw gains for SPY and QQQ ETFs. Nvidia recovered in premarket trading, while Deere & Co. and other companies faced declines post-earnings. Oil futures and USO dropped, while the TLT ETF rose in premarket trading amid a decline in the 10-year Treasury note yield.

Portfolio Pulse from Shanthi Rexaline

November 22, 2023 | 12:24 pm

Sky News reports that the first Israeli hostages held by Hamas are expected to be released by Thursday morning.

Portfolio Pulse from Charles Gross

November 22, 2023 | 10:24 am

U.S. Attorney General Merrick Garland announced that Binance facilitated almost $900M in transactions between the U.S. and Iran, which may have violated U.S. sanctions. Binance and its CEO have pleaded guilty to federal charges, resulting in a $4 billion resolution.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 8:45 pm

Elon Musk announced that X Corp will donate all proceeds from advertising and subscriptions related to the War in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:51 pm

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