The United States Oil Fund LP (USO) experienced a significant downturn during Tuesday's intraday trading, plummeting 5.03% as energy stocks faced widespread declines. The sharp drop in USO's value coincides with a substantial fall in crude oil prices, reflecting broader pressures on the energy sector.
The decline in USO comes amid a challenging day for energy-related assets. Front-month US West Texas Intermediate crude oil futures tumbled 3.9% to $65.85 per barrel, while global benchmark North Sea Brent crude oil fell 4% to $68.65 per barrel. This downward pressure on oil prices directly impacts USO, which tracks the daily price movements of West Texas Intermediate light, sweet crude oil.
The broader energy sector also showed signs of weakness, with the Energy Select Sector SPDR Fund (XLE) down nearly 1% in premarket trading. This sector-wide decline suggests that macro factors, potentially including concerns about global oil demand or oversupply issues, are weighing heavily on oil-related investments. As USO is designed to reflect the performance of the oil market, it's particularly vulnerable to such significant price swings in crude oil.
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