“But instead, a wide range of investors collectively spent about $24 billion over the past 18 months trying–and failing–to call a bottom in oil. Never in the history of exchange-traded funds has one particular category drawn so much money from investors trying to play a rebound. Of course, not all this money is gone (yet), although certainly a lot of it has evaporated along with the price of crude,” reports Eric Balchunas for Bloomberg.
Bloomberg data indicate that over the past 18 months, investors have added more than $4.2 billion in new assets to USO.
United States Oil Fund
