The United States Oil Fund LP (USO) experienced a sharp decline in the market, plummeting 5.01% during Thursday's trading session. This significant drop comes as crude oil prices tumbled in the global markets, putting pressure on oil-related securities.
West Texas Intermediate (WTI) crude oil futures fell 2.9% to $60.55 per barrel on the New York Mercantile Exchange, while the global benchmark Brent crude dropped 2.8% to $63.66 per barrel. The steep decline in oil prices directly impacts the performance of USO, which tracks the daily price movements of WTI crude oil.
The broader energy sector also felt the impact of falling oil prices, with the Energy Select Sector SPDR Fund (XLE) declining by 2.3% in premarket trading. This downward trend in the energy market suggests that investors are responding to broader economic concerns or potential shifts in supply and demand dynamics in the global oil market.
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