United States Oil Fund (NYSEARCA:USO) Share Price Passes Below 50-Day Moving Average – Here’s Why

United States Oil Fund LP (NYSEARCA:USO) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $130.30 and traded as low as $102.42. United States Oil Fund shares last traded at $103.98, with a volume of 2,203,768 shares traded.

Key Stories Impacting United States Oil Fund

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

• Positive Sentiment: Oil prices have shown some stabilization and modest rebounds from multi-month lows, helped at times by quiet holiday trading and signs of bargain hunting. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Move Away from Multi-Month Lows
• Positive Sentiment: Some traders are still betting on a near-term bounce in crude, with technical support levels holding in the market. Crude Oil Price Forecast: Key Support Test May Revive Bull Trend
• Positive Sentiment: Oil briefly firmed ahead of the long U.S. weekend as peace efforts in the Middle East kept some supply-risk premium in the market. Oil up slightly ahead long US weekend as peace efforts hold
• Neutral Sentiment: Canada and Alberta announced a new pipeline plan that could eventually improve export capacity, but the impact on near-term U.S. oil prices is limited. Canada, Alberta announce new west coast oil pipeline to boost exports
• Negative Sentiment: Reuters reported that OPEC output jumped in June as Gulf producers revived supply, adding to concerns that the market is becoming oversupplied. OPEC oil output jumps in June as Gulf producers begin reviving supply, Reuters survey shows
• Negative Sentiment: Brent’s forward curve weakened further as a prompt supply glut emerged, reflecting more barrels flowing through the Strait of Hormuz and easing disruption concerns. Brent oil curve weakens further as prompt supply glut swamps market
• Negative Sentiment: U.S. oil companies are preparing for strong profits, but that has also intensified political pressure from President Trump to push gasoline prices lower, which could weigh on sentiment toward the sector. US oil companies see big profit jump, gird for clash over pump prices with Trump
• Negative Sentiment: Traders are increasingly betting crude could fall to a five-month low in July, signaling downside risk for USO if WTI weakens further. Traders bet oil could sink to a five-month low in July
• Negative Sentiment: Additional reports said oil fell as supply-disruption fears continued to ease and as U.S.-Iran talks showed progress, both of which reduce the risk premium in crude. Oil Falls as Supply-Disruption Concerns Continue to Ease

United States Oil Fund Stock Performance

The stock has a market capitalization of $2.06 billion, a P/E ratio of 19.22 and a beta of -0.01. The stock has a 50-day moving average price of $129.79 and a two-hundred day moving average price of $105.30.

Institutional Trading of United States Oil Fund

Large investors have recently added to or reduced their stakes in the stock. Hamilton Wealth LLC bought a new position in United States Oil Fund in the 1st quarter worth $18,334,000. Militia Capital Management LLC purchased a new stake in shares of United States Oil Fund in the 1st quarter worth about $290,000. DV Trading LLC boosted its stake in shares of United States Oil Fund by 36.9% during the 1st quarter. DV Trading LLC now owns 8,975 shares of the company’s stock valued at $1,142,000 after purchasing an additional 2,421 shares in the last quarter. Parallel Advisors LLC bought a new stake in shares of United States Oil Fund during the 1st quarter valued at about $57,000. Finally, NewEdge Advisors LLC boosted its stake in shares of United States Oil Fund by 19.5% during the 1st quarter. NewEdge Advisors LLC now owns 12,275 shares of the company’s stock valued at $1,562,000 after purchasing an additional 2,003 shares in the last quarter. Institutional investors own 67.47% of the company’s stock.

About United States Oil Fund

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.