USO ETF

Expect significant volatility in crude oil prices post-U.S. election, influenced by energy policy, Middle East conflicts, and Chinese economic stimulus. Gasoline prices are bearish due to off season trends, but the election and geopolitical factors could disrupt this pattern. The U.S. election outcome will shape energy policy: Harris favors renewable fuels, potentially stabilizing prices; Trump supports increased hydrocarbon production, likely lowering prices.

Digital billboards nationwide invite Americans to support all service members and their families ARLINGTON, Va. , Nov. 1, 2024 /PRNewswire/ -- Clear Channel Outdoor Americas (CCOA) and the United Service Organizations (USO) are working together again this November on a nationwide digital out-of-home (DOOH) media campaign that encourages public support for U.S. military service members and their families during the holidays.

With geopolitical tensions rising and tax selling in full swing, some October volatility is possible. However, Stock Strategist Andrew Rocco explains why its far too early to panic.

Crude oil prices are volatile due to Chinese economic stimulus, U.S. election uncertainty, and global conflicts, creating the potential for substantial price swings. China and India's high petroleum consumption significantly impacts global oil demand, with China's recent economic measures boosting crude oil prices. The U.S. election outcome could influence oil prices: Harris supports climate initiatives, while Trump advocates increased domestic oil production.

The two-year commitment strengthens USO support of military service members and their families. MOLINE, Ill.

Oil prices NYSEARCA: USO are near the low end of a multi-year trading range, aiding the broad market rally in stocks. Oil prices are a fundamental driver of inflation that compounds within the economy, and the inflation outlook is driving the market.

Oil prices could potentially increase in demand by the end of 2024 if global central banks lower rates and if supply decreases from actions such as replenishing the US strategic petroleum reserve and ongoing OPEC+ output cuts. Nonetheless, the increasing focus on clean energy is a drawback for the future of oil prices.

Speculators in the NYMEX West Texas Intermediate oil futures market are no longer positioned for further downside in oil. The bearish narrative of a US and global oil glut caused by excess US shale production growth has crumbled. The easy money has been made in USO and it's time to sell and take profits, with more upside leverage in energy stocks.

NYMEX WTI crude oil prices gained 16.08% in the first three months of 2024, settling at $83.17 per barrel on March 29. Crude oil has shown a pattern of higher lows since May 2023, reaching $87.50 per barrel on April 5. Geopolitical factors, including conflicts in the Middle East and Ukraine, support higher crude oil prices, along with potential improvements in China's economy.