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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U.S. markets closed higher on October 28th, driven by anticipation for major tech earnings and stable energy supplies. Key stocks like Alphabet, Meta, and Apple gained. Most S&P 500 sectors rose, except tech and energy. Crude oil prices rebounded slightly after a previous drop.

Portfolio Pulse from Akanksha Bakshi

October 29, 2024 | 10:51 am

The U.S. Energy Department has announced a new solicitation to purchase up to 3 million barrels of oil to refill the Strategic Petroleum Reserve (SPR) between April and May 2025. This move is part of the ongoing efforts to replenish the SPR.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 7:05 pm

Oil prices fell as Israel did not target Iran's crude facilities, leading to a decline in energy stocks. Major indexes rose, and chip stocks are being monitored ahead of AMD's earnings report on Tuesday.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 5:37 pm

Investor sentiment turned optimistic as oil prices fell, boosting small-cap stocks and cryptocurrencies. The S&P 500, Nasdaq 100, and Dow saw gains, while the Russell 2000 surged 1.5%. Energy stocks weakened, with the Energy Select Sector SPDR Fund (XLE) in the red. Airlines and cruise lines rallied due to lower oil prices.

Portfolio Pulse from Piero Cingari

October 28, 2024 | 5:22 pm

The article discusses Israeli Prime Minister Netanyahu's decision to wait for the outcome of the U.S. presidential election before committing to a diplomatic path. This decision could impact geopolitical relations and market sentiment.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 4:46 pm

The Israeli Defense Minister stated that a recent attack on Iran has created a significant disadvantage for Iran, which could be leveraged in future conflicts. This geopolitical tension may impact markets, particularly those related to defense and energy sectors.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 4:32 pm

The Pentagon has not confirmed the presence of North Korean soldiers in Russia's Kursk region but believes there is movement towards the area. An estimated 10,000 soldiers are deployed to train in Eastern Russia, with some moving closer to Ukraine.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 3:21 pm

The Nasdaq 100's performance this week hinges on earnings reports from five major tech companies: Apple, Amazon, Alphabet, Meta, and Microsoft. The Invesco QQQ Trust Series 1 (QQQ) is in a resistance zone, and a positive earnings spark could lead to a breakout. Money flows are positive in major tech stocks and ETFs like QQQ and SPY. Meanwhile, oil prices have fallen due to geopolitical tensions, and the Japanese yen is weakening, impacting Japanese stocks.

Portfolio Pulse from The Arora Report

October 28, 2024 | 3:10 pm

Crude oil prices dropped over 6% following Israeli airstrikes in Iran, impacting U.S. energy stocks and sector ETFs. The United States Oil Fund (USO) saw a significant decline, and major energy ETFs like XLE, XOP, and OIH also experienced losses. Analysts predict oil prices will remain under pressure due to geopolitical tensions, China's declining demand, and potential OPEC+ production increases.

Portfolio Pulse from Piero Cingari

October 28, 2024 | 1:27 pm

Oil prices are trading lower following reports that Israel did not damage Iran's oil sites during recent strikes. This development has implications for oil-related ETFs such as BNO and USO.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 11:20 am

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