Crude Oil Crashes To 9-Month Lows, OPEC Deal Gains Evaporate

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May 4, 2017 4:26pm NYSE:USO

Image of oil drums

From Tyler Durden: “Someone’s liquidating,” warns one veteran energy trader, as the sudden heavy volume surge to the downside in WTI crude futures smashes oil prices back to the lowest since August 2016.

Surging United States crude oil production (which once again rose to August 2015 highs)…

And meanwhile, oil demand forecasts are tumbling:

And loss of faith from the hedge fund community..

This is what OPEC gets, as all of the production cut gains have now completely evaporated:

On the ETF side of things, the United States Oil Fund LP ETF (NYSE:USO) was trading at $9.46 per share on Thursday afternoon, down $0.47 (-4.73%). Year-to-date, USO has declined -19.28%, versus a 6.80% rise in the benchmark S&P 500 index during the same period.

USO currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #38 of 127 ETFs in the Commodity ETFs category.

This article is brought to you courtesy of ZeroHedge.

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