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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52-wk high

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Global markets saw varied performance with Asia and Europe posting gains while the US markets ended mixed. The S&P 500 and Nasdaq rose, despite a slowdown in the US services sector and no hints of interest rate cuts from Fed Chair Jerome Powell. Job additions in March exceeded expectations, but the ISM services PMI fell short of forecasts. Energy materials and communication services led S&P 500 sector gains, while utilities and consumer staples declined. Crude oil traded above $85, and gold reached a new high at $2,310.

Portfolio Pulse from Akanksha Bakshi

April 04, 2024 | 10:48 am

Crude oil prices surged in Q1 2024, with U.S. and European benchmarks reaching five-month highs due to a tighter supply/demand outlook and global geopolitical concerns. The United States Oil Fund (USO) saw an 18.1% increase, reflecting the rise in U.S. oil prices. Factors contributing to the price increase include OPEC's output curbs, robust U.S. economic data, and geopolitical tensions in Ukraine, Israel, and the Middle East. Energy analysts expect high prices to persist into Q2. Major oil and gas producers and related ETFs like XLE, XOM, COP, CVX, MPC, and VLO also reported significant gains.

Portfolio Pulse from Neil Dennis

April 03, 2024 | 5:05 pm

The EIA reported a weekly distillates stock draw of 1.268 million barrels, exceeding the estimated draw of 0.604 million barrels and the prior week's draw of 1.185 million barrels.