United States Oil Fund (NYSEARCA:USO) Trading Down 4.2% – Time to Sell?

United States Oil Fund LP (NYSEARCA:USO)’s stock price dropped 4.2% on Wednesday . The stock traded as low as $145.68 and last traded at $146.48. Approximately 2,463,099 shares were traded during trading, a decline of 90% from the average daily volume of 24,987,289 shares. The stock had previously closed at $152.96.

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 been supported by escalating Middle East tensions, with several reports saying traders are worried supply disruptions could persist if the Strait of Hormuz remains at risk. US oil prices rise as investors doubt breakthrough in US-Iran peace talks
• Positive Sentiment: The IEA warned the oil market could enter a “red zone” in July-August as summer demand rises and global inventories shrink, reinforcing the case for tighter supply. Oil market could hit ‘red zone’ in July-August, IEA chief says
• Positive Sentiment: Recent U.S. inventory drawdowns, including a record crude stock decline, add support to prices and can lift an oil ETF like USO. US draws down record volumes of crude oil from stocks, EIA says
• Neutral Sentiment: Oil has been extremely choppy, with traders reacting to back-and-forth headlines on diplomacy, inventory data, and weekend risk, which is keeping USO volatile. Crude Oil Price Analysis – Oil Remains Choppy on Friday
• Negative Sentiment: Reports that President Trump said Iran negotiations were in the “final stages” have raised hopes for a deal, pressuring crude prices and weighing on USO. Oil prices fall after Trump says Iran negotiations in final stages
• Negative Sentiment: Oil also came under pressure when traders bet that U.S.-Iran talks could progress and reduce the risk premium tied to Middle East supply disruptions. Oil rebounds on uncertainty over Iran peace deal and inventory drawdowns

United States Oil Fund Stock Down 1.3%

The firm has a market cap of $1.90 billion, a PE ratio of 19.22 and a beta of 0.01. The firm’s fifty day simple moving average is $130.36 and its two-hundred day simple moving average is $94.23.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp grew its holdings in shares of 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. International Assets Investment Management LLC grew its holdings in shares of United States Oil Fund by 5.6% in the first quarter. International Assets Investment Management LLC now owns 2,371 shares of the company’s stock worth $294,000 after purchasing an additional 126 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of United States Oil Fund by 4.0% in the first quarter. HB Wealth Management LLC now owns 4,318 shares of the company’s stock worth $549,000 after purchasing an additional 168 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of United States Oil Fund by 1.6% in the first quarter. NewEdge Advisors LLC now owns 11,948 shares of the company’s stock worth $924,000 after purchasing an additional 187 shares during the last quarter. Finally, Clear Investment Research LLC grew its holdings in shares of United States Oil Fund by 14.1% in the third quarter. Clear Investment Research LLC now owns 1,992 shares of the company’s stock worth $147,000 after purchasing an additional 246 shares during the last quarter. 67.47% of the stock is currently owned by 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.