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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This week, investors are focused on the U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) reports. Economists expect a cooling in producer prices for July, which could signal easing price pressures. The PPI report is anticipated to show a 0.1% month-over-month increase, down from 0.2% in June. The core PPI is expected to rise by 0.2% monthly, cooling from 0.4% in June. Previous PPI data led to gains in the S&P 500, Nasdaq 100, and U.S. Treasury bonds, while gold and oil prices declined.

Portfolio Pulse from Piero Cingari

August 12, 2024 | 3:13 pm

The stock market is poised for a rally, but upcoming economic data and earnings from major companies like Home Depot and Walmart will be crucial. The market reaction function has shifted to 'good news is good news and bad news is bad news.' Money flows are positive in NVDA, MSFT, SPY, and QQQ, while neutral in AAPL, AMZN, GOOG, META, and TSLA. Bitcoin has dropped below $60,000 due to lack of whale activity.

Portfolio Pulse from The Arora Report

August 12, 2024 | 2:27 pm

Oil prices rose due to Middle East tensions, Starbucks saw gains following an activist report, and NVIDIA continued its upward trend.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 2:16 pm

Oil prices are trading higher due to ongoing Middle East tensions, with recent reports suggesting a potential attack by Iran on Israel.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 2:11 pm

Oil prices are set for a fourth consecutive day of gains, driven by geopolitical risks despite OPEC's reduced demand forecast. Key US-listed assets like USO, XLE, HAL, BKR, XOP, and VTS are seeing positive premarket movements.

Portfolio Pulse from Piero Cingari

August 12, 2024 | 1:28 pm

OPEC's crude oil output increased by 185,000 barrels per day in July, reaching a total of 26.75 million barrels per day.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 10:47 am

OPEC has revised its 2024 global oil-demand growth forecast down by 135,000 barrels per day to 2.1 million barrels per day. This adjustment reflects a more cautious outlook on global oil consumption.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 10:46 am

The U.S. has released $3.5 billion to Israel for the purchase of American weapons and military equipment. This move is expected to benefit U.S. defense contractors.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 7:33 pm

The latest Baker Hughes report shows an increase in the U.S. oil rig count by 3 to 485, while the gas rig count decreased by 1 to 97. The total rig count now stands at 588, up from 586 previously.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 5:03 pm

President Biden has announced the lifting of the ban on offensive weapons sales to Saudi Arabia. This decision could have significant implications for defense contractors and the oil market.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2024 | 4:58 pm

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