United States Oil Fund (NYSEARCA:USO) Shares Gap Up – Here’s What Happened

United States Oil Fund LP (NYSEARCA:USO) shares gapped up prior to trading on Friday . The stock had previously closed at $119.30, but opened at $123.20. United States Oil Fund shares last traded at $123.21, with a volume of 1,367,488 shares changing hands.

Key United States Oil Fund News

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

• Positive Sentiment: Oil prices have been rising on renewed U.S.-Iran tensions, with reports of attacks, retaliation threats, and possible disruptions to the Strait of Hormuz and Red Sea shipping routes. Those supply-risk headlines are bullish for USO because they tend to lift crude futures. Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure
• Positive Sentiment: Another Reuters report said oil climbed after the U.S. struck Iranian military installations, increasing fears of a broader conflict and potential supply disruptions. This kind of escalation typically boosts oil-linked funds like USO. Oil prices rise 4th day as US strikes on Iran raise fears of wider conflict
• Positive Sentiment: A drone attack on an oil tanker near the Black Sea terminal added to supply-disruption concerns, reinforcing the bullish tone in crude markets and potentially helping USO. Chartered oil tanker attacked by drones near Black Sea terminal, CPC says
• Neutral Sentiment: Market commentary highlighted that USO has had a strong rally year, but also argued it is better viewed as a short-term trade than a long-term investment. That may temper enthusiasm, though it does not change the near-term oil-price driver. Don’t Chase the 40% Gain: Why USO Is a Trade, but XLE Is an Investment

United States Oil Fund Price Performance

The company has a market cap of $2.27 billion, a price-to-earnings ratio of 19.22 and a beta of -0.01. The firm has a 50 day simple moving average of $124.99 and a 200-day simple moving average of $108.51.

Hedge Funds Weigh In On United States Oil Fund

Hedge funds have recently made changes to their positions in the stock. Professional Financial Advisors LLC acquired a new position in shares of United States Oil Fund in the second quarter valued at approximately $1,178,000. Tactive Advisors LLC acquired a new stake in United States Oil Fund during the 2nd quarter worth approximately $353,000. Ehrlich Financial Group purchased a new position in United States Oil Fund in the 2nd quarter valued at approximately $678,000. CoreCap Advisors LLC boosted its position in United States Oil Fund by 45.4% in the 2nd quarter. CoreCap Advisors LLC now owns 2,544 shares of the company’s stock valued at $271,000 after buying an additional 794 shares during the period. Finally, Hamilton Wealth LLC purchased a new position in United States Oil Fund in the 1st quarter valued at approximately $18,334,000. Hedge funds and other 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.