United States Oil Fund surges 3.72% to new 52-week high

  • United States Oil Fund shares reached a new 52-week high Tuesday afternoon.
  • 3.72% gain lifted USO shares to $162.49 at publication.
  • Saudi Aramco deferred and canceled several September crude cargoes for European refiners.

Shares of the United States Oil Fund LP (NYSE:USO) rose 3.72% to $162.49 Tuesday afternoon, reaching a new 52-week high as benchmark crude futures rallied. Reports that state-owned Saudi Aramco deferred and canceled several September crude cargoes for European refiners, following the closure of Saudi Arabia's East-West pipeline to the Red Sea, intensified concerns over physical supply. USO tracks front-month crude oil futures, meaning the nearest-expiring contracts, so tighter prompt availability can lift the futures underlying the fund and its net asset value. Brent crude traded above $108 per barrel, adding to inflation concerns ahead of Wednesday's Federal Reserve interest rate decision.

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