Oil Market Overview
United States Oil Fund, LP ETF (USO), CL1:COM
Oil prices surged last week, despite closing lower on the final trading day. The week was marked by a substantial interest rate cut by the Federal Reserve and a renewed escalation of tensions in the Middle East.
“The softer monetary policy enacted by the Federal Reserve initially bolstered the oil market. However, renewed concerns surrounding China’s economy have cast a shadow on the recent gains,” said an industry expert.