Surging United States crude oil production (which once again rose to August 2015 highs)…
And meanwhile, oil demand forecasts are tumbling:
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.
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