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Worth recapping a piece from RTRS, posted.......>

OIL
OIL: Worth recapping a piece from RTRS, posted late Wednesday: "The United
States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the
country, is moving to spread out its investments in oil futures in response to
extreme market turbulence, it said in a filing here on Wednesday. USO said it
may invest about 20% of its portfolio in crude oil futures contracts on the
NYMEX and ICE platforms for June , about 50% in July, 20% in August and 10% in
September contracts. The fund previously invested mainly in front-month
contracts. The fund is adjusting its portfolio in response to "extraordinary
market conditions," it said in the filing. The move is the latest effort by USO
to mitigate the blow of a historic sell-off in oil, as crude markets reel from
oversupply and diminished demand stemming from the coronavirus-led slowdown in
global economic activity."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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