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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The USA API reported a weekly crude oil stock draw of 2.790 million barrels, contrary to the expected build of 0.700 million barrels. This follows a previous draw of 7.400 million barrels.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 8:41 pm

The financial sector experienced a downturn due to concerns surrounding Ally Financial and the re-proposals of Basel regulations. Additionally, oil prices fell following a cut in demand outlook. Notably, political events such as the Trump and Harris debate are scheduled for 9:00 p.m. ET.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 7:59 pm

The EIA has revised its global oil demand forecast for 2024 to 103.1 million barrels per day, up from 102.9 million, and for 2025 to 104.6 million barrels per day, up from 104.5 million. However, the U.S. oil demand forecast for 2024 has been lowered to 20.3 million barrels per day from 20.5 million, with the 2025 forecast remaining unchanged at 20.6 million barrels per day.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 4:09 pm

The U.S. Treasury Department has announced new sanctions targeting Iran and Russia. These sanctions are likely to impact global markets, particularly in sectors related to energy and defense.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 3:46 pm

Ukraine's Foreign Ministry has stated it may consider cutting diplomatic ties with Tehran if Russia uses Iranian missiles in the Ukraine war. This development could impact geopolitical relations and energy markets.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 3:46 pm

Oil prices are declining as OPEC has cut its demand forecast and reduced expectations for demand growth next year.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 2:43 pm

The White House has indicated that Russia is likely to use ballistic missiles due to their speed in hitting civilian targets. In response, the U.S. and its allies plan to designate individuals and entities in Iran and Russia involved in the delivery of these weapons.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 2:28 pm

OPEC has reduced its oil demand outlook due to a slump in oil prices. This decision could impact oil-related ETFs such as BNO and USO, which track oil prices and are sensitive to changes in demand forecasts.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 12:02 pm

The article discusses investor hopes pinned on Apple's AI, potential short squeezes, and a weaker yen driving the stock market higher. Despite optimism around Apple's AI, there are concerns about its availability and impact. Money flows are positive in several major tech stocks and ETFs, but negative for Apple.

Portfolio Pulse from The Arora Report

September 09, 2024 | 6:57 pm

The U.S. Energy Department has announced contracts for acquiring 3.4 million barrels of oil for the Strategic Petroleum Reserve. This move is part of efforts to replenish the reserve.

Portfolio Pulse from Benzinga Newsdesk

September 09, 2024 | 3:06 pm

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