The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, is moving to spread out its investments in oil futures in response to extreme market turbulence, it said in a filing https://bit.ly/2XWrj3L%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B on Wednesday.
- The United States Oil Fund LP, the largest oil-focused exchange-traded product in the country, is moving to spread out its investments in oil futures in response to extreme market turbulence, it said in a filingFILE PHOTO: Natural gas flares are seen at an oil pump site outside of Williston, North Dakota March 11, 2013. REUTERS/Shannon Stapleton/File Photo
The move is the latest effort by USO to mitigate the blow of a historic sell-off in oil, as crude markets reel from oversupply and diminished demand stemming from the coronavirus-led slowdown in global economic activity. USO ended 10.7% lower at $2.51 on Wednesday despite front-month U.S. crude futures’ settling 19.1% higher, at $13.78 a barrel. The fund traded at a steep premium to its net asset value on Tuesday after it suspended the creation of new shares.
Exchange-traded products are a popular way for individual investors to bet on moves in crude prices, as trading commodity futures can be difficult for retail market participants.
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