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United States Oil Fund, LP (USO)

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  • Investing.com

    OPEC Bigwigs Opt for June Meeting; Oil Rises Watching India

    The ministers controlling the OPEC+ oil cartel pushed forth a two-day meeting scheduled this week to June, leaving intact a decision to ease production cuts despite the Covid catastrophe in India, the third-largest crude importer. Crude prices rose, rebounding from Monday’s drop, as traders kept a close watch on the global pandemic situation, including in Japan, the fourth-largest oil buyer, which has declared a state of emergency amid preparations for the Tokyo Olympics that is to begin in 87 days. Ministers of OPEC+ were originally supposed to hold Zoom conferences on Tuesday and Wednesday to further discuss plans made on April 1 to ease production cuts.