Shares of the United States Oil Fund surged last week, capping a phenomenal run in recent weeks that far outpaced meager gains in the price of oil.
USO (ticker: USO), which holds over $2 billion in assets, was up more than 26% for the year, after enjoying a 5.2% bump last week. The surge comes despite a mere 4.6% year-to-date gain in the spot price of
West Texas Intermediate crude oil
which surged above $130 a barrel after the Russian invasion of Ukraine, but has since fallen to close at $79.65 on Friday.
