Qatar, Russia, Saudi Arabia and Venezuela have been in discussions to hold output steady at January levels, but only if other producers followed suit. Russia is the largest non-OPEC producer of oil and natural gas, though the country prefers higher prices even more so than Saudi Arabia.
USO holds WTI futures contracts in the nearby month and rolls its cash into the next month’s contracts before being forced to take physical delivery.
“The global imbalance between supply and demand ‘took 18-24 months to build it up — it’s not going to disappear in 18-24 days,’ Kloza said,” according to CNBC.
United States Oil Fund