USO shares plunge 3.74% as Saudi Arabia resumes Yanbu crude exports

  • United States Oil Fund shares declined as crude prices retreated Tuesday afternoon.
  • USO fell 3.74% to $144.40, according to Benzinga Pro data.
  • Saudi Arabia resumed crude exports from Yanbu while Aramco increased shipments through Oman.

United States Oil Fund shares fell Tuesday as crude prices pulled back after signs that logistical constraints on Middle Eastern export routes were easing. Saudi Arabia resumed crude export operations from its Red Sea port of Yanbu, allowing loading activities to restart at the western terminal and reducing immediate fears of supply-chain bottlenecks. Reports also said Saudi Aramco increased crude shipments through Oman to bypass capacity disruptions along the East-West Pipeline. The restored and redirected flows reduced part of the risk premium that had been priced into crude futures in recent sessions. USO shares were down 3.74% at $144.40 Tuesday afternoon, according to Benzinga Pro data.

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