United States Oil Fund (NYSEARCA:USO) Hits New 12-Month Low at $59.96

United States Oil Fund LP (NYSEARCA:USO – Get Rating) reached a new 52-week low on Wednesday . The stock traded as low as $59.96 and last traded at $60.35, with a volume of 2250663 shares changing hands. The stock had previously closed at $62.93.

United States Oil Fund Price Performance

The company has a 50-day simple moving average of $67.82 and a 200 day simple moving average of $69.10.

Hedge Funds Weigh In On United States Oil Fund

Several hedge funds have recently bought and sold shares of USO. Oliver Lagore Vanvalin Investment Group bought a new position in United States Oil Fund in the 4th quarter valued at $26,000. EWG Elevate Inc. bought a new position in United States Oil Fund in the 4th quarter valued at $32,000. Hudock Inc. bought a new position in United States Oil Fund in the 3rd quarter valued at $39,000. Hollencrest Capital Management bought a new position in United States Oil Fund in the 4th quarter valued at $39,000. Finally, Clear Investment Research LLC purchased a new stake in shares of United States Oil Fund in the 3rd quarter worth $43,000.

About United States Oil Fund

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United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.