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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Russia's Novak expresses optimism about a significant increase in global oil demand for the year. Despite the Middle East conflict, which has already been factored into oil prices, there is a potential decrease in oil supplies due to the conflict.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:42 pm

Russia's Novak announced that OPEC+ will begin increasing oil production from December 1, as previously decided. Future decisions will be based on the market situation.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:37 pm

The EIA reported a draw of 1.284 million barrels in distillate stocks, which is less than the expected draw of 1.900 million barrels and the prior draw of 2.227 million barrels.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:30 pm

The latest report on USA crude oil inventories shows a build of 3.889 million barrels, contrary to the expected draw of 1.500 million barrels. This is a significant change from the prior draw of 4.471 million barrels.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:30 pm

Oil prices have spiked due to Middle East tensions and potential supply disruptions, leading to a rise in energy stocks. The United States Oil Fund (USO), IShares U.S. Oil & Gas Exploration & Production ETF (IEO), and SPDR Energy Select Sector Fund (XLE) have all seen gains. Major energy companies like Exxon Mobil, Chevron, and ConocoPhillips have also experienced stock price increases. Analysts are closely watching OPEC's upcoming meeting for potential changes in production curbs.

Portfolio Pulse from Adam Eckert

October 02, 2024 | 2:30 pm

The market summary highlights rising oil prices due to Israel-Iran tensions, leading to increased interest in safe haven assets like gold and the dollar. Nike's stock fell due to a revenue miss, while Tesla's stock declined following disappointing delivery and production figures.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:16 pm

The OPEC+ Joint Ministerial Monitoring Committee has concluded its meeting, where compensation mechanisms were discussed. This could impact oil prices and related ETFs.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 2:06 pm

Oil prices are rising due to supply uncertainty following Iran's attack on Israel.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 12:23 pm

The Wall Street Journal reported that the Saudi Oil Minister warned that oil prices could fall to $50 per barrel if OPEC members do not adhere to production curbs. This could impact various sectors and ETFs related to oil and energy.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2024 | 9:10 am

The market reacted to Iran's missile attack on Israel, Hurricane Helene, and port strikes, causing fluctuations in stock prices. The United States Oil Fund (USO) and SPDR Gold Trust (GLD) saw price increases, while major indexes like SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) experienced declines. Technology stocks were hit hardest, while defense and oil stocks rose.

Portfolio Pulse from Chris Katje

October 01, 2024 | 8:53 pm

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