United States Oil Fund

USO

Market cap $1.93B

U.S. crude oil inventories extended their decline, falling by 8 million barrels, as exports rose and refineries ran near full capacity.

Crude oil rallies early on Wednesday, as we continue to see a lot of headlines coming out of the Middle East that suggest we are nowhere near a resolution of tensions between the United States and Iran.

Prediction markets odds have dived for normalized Strait of Hormuz traffic this summer.

US stocks are set for an uneven start on Wednesday, as oil prices rebounded to their highest levels this week, ahead of a glut of macroeconomic data. Dow Jones futures were down 125 points, or 0.2%, while the S&P 500 was flat and Nasdaq futures rose 0.1%.

Three reasons why oil is staying below $100 a barrel. I can more easily make the case for $50 oil than $150 oil.

WTI crude futures have risen nearly 10% in three days as hopes for a quick peace deal fade.

Kuwait could recover its oil production to ​almost 70% of normal levels in 6-8 ‌weeks after the Strait of Hormuz reopens, Kuwait Petroleum Company's managing director for international marketing, ​Shaikh Khaled Ahmad Al-Sabah, said on ​Wednesday.

U.S. futures were mostly steady as stocks looked to extend the technology-led surge, even as continued Middle East escalation clouded sentiment in other sectors.

Brent crude and WTI prices were rising on Wednesday after an exchange of fire between American and Iranian forces.

Heavy fire overnight between the U.S and Iran pushed up oil prices, although the Trump administration said the ceasefire was still holding.