United States Oil Fund (NYSEARCA:USO) Trading Up 4.3% – What’s Next?

United States Oil Fund LP (NYSEARCA:USO) traded up 4.3% during trading on Tuesday . The company traded as high as $139.42 and last traded at $139.41. 3,588,150 shares traded hands during trading, a decline of 79% from the average session volume of 17,038,146 shares. The stock had previously closed at $133.70.

Key Headlines Impacting United States Oil Fund

Here are the key news stories impacting United States Oil Fund this week:

• Positive Sentiment: Renewed U.S.-Iran strikes near the Strait of Hormuz pushed Brent crude above $94 and increased fears that attacks could disrupt one of the world’s most important oil transit routes. Middle East Conflict Sends Oil Up, Bonds Down
• Positive Sentiment: U.S. commercial crude inventories fell by 4.5 million barrels, far exceeding expectations for a 300,000-barrel decline. Gasoline inventories also decreased, reinforcing the near-term supply-tightness outlook for oil. U.S. Crude Oil Stockpiles See Larger-Than-Expected Drop
• Positive Sentiment: WTI’s break above its post-March downtrend and 100-day moving average created a bullish technical signal, with analysts identifying a potential move toward $101 per barrel. WTI Crude Oil Breakout Puts $101 Target in Play
• Neutral Sentiment: More than 17 million barrels of oil reportedly transited the Strait of Hormuz on Monday, suggesting that flows have so far continued despite the conflict and limiting the immediate supply impact. US energy secretary says 17 million barrels of oil transited Strait of Hormuz Monday
• Neutral Sentiment: OPEC+ is expected to leave October production policy unchanged as it unwinds a layer of cuts, reducing the likelihood of an additional near-term supply shock. OPEC+ likely to keep oil output policy unchanged
• Negative Sentiment: Oil edged lower in early Thursday trading as investors took profits after three consecutive sessions of gains and assessed whether the geopolitical rally had become technically overextended. Oil Futures Fall on Likely Technical Correction
• Negative Sentiment: Proposed growth in Venezuela’s oil production over the next several years could eventually add global supply and weigh on longer-term crude prices. US energy chief says Venezuela oil output to more than double

United States Oil Fund Stock Up 0.1%

The stock’s 50 day moving average is $122.46 and its 200-day moving average is $121.53. The company has a market cap of $2.20 billion, a PE ratio of 19.22 and a beta of -0.03.

Institutional Investors Weigh In On United States Oil Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC bought a new position in shares of United States Oil Fund during the 1st quarter valued at approximately $57,000. Raymond James Financial Inc. bought a new stake in shares of United States Oil Fund in the 2nd quarter worth about $38,000. PNC Financial Services Group Inc. purchased a new position in shares of United States Oil Fund during the 4th quarter worth about $48,000. Advisory Services Network LLC purchased a new stake in United States Oil Fund in the 3rd quarter worth about $57,000. Finally, Fifth Third Bancorp lifted its stake in United States Oil Fund by 11.6% in the first quarter. Fifth Third Bancorp now owns 1,116 shares of the company’s stock worth $142,000 after purchasing an additional 116 shares during the last quarter. 67.47% of the stock is currently owned by hedge funds and other institutional investors.

United States Oil Fund Company Profile

United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.