OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers.
USO “has a chance to print a bullish engulfing monthly candlestick. This is very impressive considering it fell 15% from open to close in July. This ETF comes with a performance caveat, though, as it suffers over time from contract rollover (contango),” adds See It Market.
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United States Oil Fund