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The World’s Largest Oil Fund Scrambles To Survive, Reshuffles Holdings Again
WTI crude @15.52 +1.74
https://oilprice.com/Latest-Energy-News/World-News/The-Worlds-Largest-Oil-Fund-Scrambles-To-Survive-Reshuffles-Holdings-Again.html

Just hours after USCF investments, the managers behind the largest oil ETF announced a 1-for-8 reverse stock split, moments ago the USO - which was briefly halted - unveiled yet another shift to its composition to relieve pressure on the June WTI Futures, and to spread the pain among even more forward months. Specifically, the USO announced that it would reallocate as follows:

June: 40% down to 20%
July: 55% down to 50%
August: 5% up to 20%
Sept: 0% up to 10%

Why is the USO doing this? To avoid a repeat of the May WTI implosion, and to prevent a crash on May 19 when the June WTI contract expires.


https://www.cnbc.com/2020/04/23/oil-markets-crude-output-demand-in-focus.html

Oil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic.

Brent crude was up $1.53, 7.5%, at $21.90 a barrel by 0822 GMT. U.S. crude rose $1.53, or 11.1%, at $15.31 a barrel.

Oil prices have suffered one of their most tumultuous weeks ever. The expiring front-month U.S. contract on Monday fell into negative territory for the first time as traders paid buyers to take crude off their hands given a lack of storage space for the current supply glut.

So far this year, Brent has lost roughly two thirds of its value.