Other major oil-producing nations that are not OPEC members but are pledging to curb production include Bahrain, Bolivia, Brunei, Equatorial Guinea, Malaysia, Sudan and South Sudan.
“Funds increased their net-long position, or the difference between wagers on a price increase and bets on a decline, by 14 percent in the week ended Jan. 17, U.S. Commodity Futures Trading Commission data show,” reports Bloomberg.
Year-to-date inflows to USO have been modest at $2.15 million. Last year, USO lost $636.1 million in assets under management.
For more information on the crude oil market, visit our oil category.
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