The United States Oil ETF has recently seen inflows topping $200 million amid bullish market sentiment that crude oil futures prices will continue to rise,
according to Bloomberg estimates published on Friday. The United States Oil ETF NYSEARCA USO seeks to reflect the performance of the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma by investing in a mix of oil futures contracts and other oil interests. The recent inflows of $200 million are the highest inflows into the exchange-traded fund since August 2020, per Bloomberg’s calculations.
Both WTI and Brent have surged in recent days and were set for a second consecutive weekly gain on Friday as the war premium that emerged when Hamas attacked Israel earlier this month is still very much present. This adds to the bullish news that the U.S. Department of Energy is seeking to buy 6 million barrels of crude for the Strategic Petroleum Reserve SPR. The U.S. benchmark, WTI Crude, has already risen by around 10% since the Hamas-Israel war began two weeks ago.
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