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The United States Oil ETF, LP (USO)

  • Mar. 28, 2012, 6:08 AM
    France, the U.K. and the U.S. are in talks about a possible release of strategic oil reserves "in a matter of weeks" in order to push fuel prices down, Le Monde reports. The speculation comes as Iran says that talks with World Powers about its nuclear program will take place on April 13.
  • Mar. 27, 2012, 12:20 PM
    "There has been no change in (the) Obama administration stance on use of emergency oil reserves," Reuters reports another unnamed official as saying. Oil reverses a chunk, but not nearly all, of its earlier slide on a rumor of an SPR release. WTI crude flat at $107/barrel.
  • Mar. 27, 2012, 11:25 AM
    Crude oil dives $1 in minutes after an unnamed official hits the tape suggesting the U.S. is still considering a release from the SPR. WTI crude -0.3% at $106.72.
  • Mar. 26, 2012, 11:52 AM
    The average price at the pump creeps higher, rounding up to $3.90/gallon for regular, according to AAA. UGA +20.5% YTD. Beleaguered drivers can take tiny comfort from oil today, not participating in the Bernanke-led stock and commodity rally. WTI crude flat at $106.84.
  • Mar. 26, 2012, 9:08 AM
    Key to Bernanke's view of the economy is his belief cyclical rather than structural issues are behind the weakness in the labor market. "If this assessment is correct, then accommodative policies  to support the economic recovery will help address this problem." S&P 500 +0.6%, Gold +1%, Crude +0.2%, Copper +1.3%. UUP -0.3% premarket.
  • Mar. 23, 2012, 5:48 AM
    IEA chief Maria van der Hoeven backs Saudi Arabia to fill the gap in oil supplies caused by international sanctions on Iran, saying "There is no fear of disruption." The Saudis said on Tuesday that they're ready to increase output by 2.5M bpd to 12.5M bpd, but some analysts are skeptical about the country's ability to do so.
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  • Mar. 22, 2012, 10:41 AM
    Crude oil sinks under the weight of slowing economies (I, II) around the world, hitting its lowest level (outside of the dive on the SPR release rumor) in nearly a month. WTI crude -2.2% to $104.94. USO -1.7%.
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  • Mar. 22, 2012, 9:52 AM
    Inflation in Canada's oil sands sector is set to rise to 2008's frenzied level, warns Imperial Oil (IMO) CEO Bruce March as the growing number of projects creates shortages of materials and labor. Imperial's stock took a hit over the past few days, in part due to the eye-popping $2B price tag for the expansion of one of its sands projects.
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  • Mar. 20, 2012, 3:07 PM
    "We don't really understand why the prices are behaving the way they are," says Saudi oil minister Ali Naimi, vowing to boost the kingdom's oil output 25% if necessary. He dismisses comparisons to the price surge in 2008, saying supply was far firmer then. At the moment, he says, there are no customers asking for additional crude. USO -2.1%.
  • Mar. 20, 2012, 7:39 AM
    Apparently trying to do its part to keep oil prices in check, Saudi Arabia has hired 11 large tankers to send to U.S.-based refiners this month. Typically the country sends just one tanker every two months. WTI crude -0.6% to $107.88.
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  • Mar. 19, 2012, 3:47 AM
    Saudi Arabia continues to do its bit to maintain global oil supplies as sanctions against Iran are tightened, with the desert kingdom increasing output 0.6% M/M in January to 9.87M bpd. That's the second-highest amount since at least 1980, topped only by production of 10.05M bpd in November.
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  • Mar. 15, 2012, 3:32 PM
    WTI crude oil returns to unchanged on the day after sinking about $1.50/barrel on the rumored (later denied) SPR release. As long experience suggests, the price of oil is going to go where it wants to, with or without the release of the country's emergency reserves.
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  • Mar. 15, 2012, 12:19 PM
    "Bringing a knife to a gunfight," is how oil trading veteran Mark Fisher described last summer's SPR release (combined with 27 other nations). The news momentarily knocked oil down to near $90/barrel. Today, $105.
  • Mar. 15, 2012, 12:12 PM
    And the denial: An aide to the President says the report of the oil reserve release is inaccurate (not false? - ed.). Oil bounces back a bit, Brent (BNO) -1.3%, WTI (USO) -0.5%.
  • Mar. 15, 2012, 11:54 AM
    More on the reported oil reserve release: The story is based on the say-so of two British sources and a formal request from the U.S. to the U.K. is expected "shortly." This follows a Wednesday meeting of President Obama and PM Cameron. Details on the timing, size, and duration of the drawdown have yet to be settled.
  • Mar. 15, 2012, 11:42 AM
    The U.S. and U.K. have agreed to release emergency oil stocks, reports Reuters. Brent Crude (BNO) -2%, WTI Crude (USO) -1.1%.
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USO Description
The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate").
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