United States Oil Fund (USO) News Today

United States Oil Fund LP (USO) stock is down today, pressured by expectations of rising oil supply and easing geopolitical tensions, although signs of technical support and fresh geopolitical risks provide some offsetting strength.

• U.S. to grant Chevron a license to maintain Venezuelan oil infrastructure, potentially limiting new supply additions and supporting prices.
• Analysts note a bottoming pattern in crude oil, with prices finding support even during quiet holiday trading, suggesting stabilization.
• Heightened geopolitical fears in key oil regions have driven crude prices higher in recent sessions.
• Brent crude remains caught in a descending triangle near $63.50 support—traders await a breakout above $64.50 for directional confirmation.
• Crude prices eased as progress in U.S.–Iran negotiations and planned OPEC+ output increases reduced near-term supply concerns.
• WTI futures are consolidating and showing signs of downward pressure ahead of a critical OPEC+ meeting expected to consider further output hikes.
• Oil pulled back earlier this week on worries that escalating trade tariffs could weaken global demand.
• Market participants eyed a possible OPEC+ decision to raise 2025 output, driving prices lower on increased supply prospects.
• Concerns over additional OPEC+ supply in both Asian and U.S. sessions kept oil prices under pressure.