🔴 Oil Fund (USO) is trading 3.5% down in pre-market as Saudi shipments through Hormuz recover

USO is trading 3.5% down in pre-market as Saudi crude exports recover through the Strait of Hormuz.

• Saudi shipments through Hormuz averaged 2.9 million barrels per day over six days, sharply above August levels.
• Added physical supply is easing fears of a prolonged global shortage after the East-West pipeline disruption and outweighing remaining Middle East geopolitical risk.
• WTI’s October contract fell 4.51% in the September 21 session; November traded near $92.47 amid hopes for diplomatic progress involving Iran.