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Oil Prices Slide Despite Bullish OPEC Report

Crude oil production by the Organization of the Petroleum Exporting Countries edged up by 30,000 barrels a day to 30.26 million barrels a day in April, according to an S&P Global (NYSE:SPGI) Platts survey issued Thursday. Individual output levels varied month on month among the 14 OPEC members, the survey showed, with “Iran’s sanctions-induced slump and Angola’s drop offset by significant rises in Nigeria and Iraq and recoveries in crisis-torn Libya and Venezuela.” Saudi Arabia held its April production at 9.82 million barrels a day, the lowest in over four years and “well below its quota under an OPEC/non-OPEC accord, the survey said. June crude CLM9, -0.58% was down 88 cents, or 1.4%, at $61.24 a barrel on the New York Mercantile Exchange. July Brent LCON9, +0.09% traded at $69.61, down 76 cents, or 1.1%

The United States Oil Fund (NYSE:USO) LP (USO) was trading at $12.85 per share on Thursday afternoon, down $0.04 (-0.31%). Year-to-date, USO has gained 6.99%, versus a 7.91% rise in the benchmark S&P 500 index during the same period.

USO currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 110 ETFs in the Commodity ETFs category.

Read more at : https://www.investing.com/analysis/oil-prices-slide-despite-bullish-opec-report-200419973

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