According to an S&P Global Platts survey released Tuesday. “Stripping out Qatar, which exited OPEC at the end of the month, and Iran, Libya and Venezuela, which were granted exemption from the latest round of cuts, the remaining 11 members pumped 26.89 million b/d-almost 1 million b/d above their collective ceiling of 25.94 million b/d, which went into effect January 1,” the survey showed. Saudi Arabia lowered its output by 401,000 barrels a day last month to 10.6 million barrels a day. In Tuesday dealings, February West Texas Intermediate crude CLG9, +1.73% was up $1.36, or 2.8%, at $49.88 a barrel on the New York Mercantile Exchange.
The United States Oil Fund LP (USO) was trading at $10.40 per share on Tuesday afternoon, up $0.11 (+1.07%). Year-to-date, USO has declined -13.41%, versus a -3.90% rise in the benchmark S&P 500 index during the same period.
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