FILE PHOTO: Natural gas flares are seen at an oil pump site outside of Williston, North Dakota March 11, 2013. REUTERS/Shannon Stapleton/File Photo
(Reuters) – The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, may begin investing in oil futures contracts expiring in several months, rather than just the front-month and second-month contract, it said in a filing here on Wednesday.
USO said it may invest about 20% of its portfolio in crude oil futures contracts on the NYMEX and ICE platforms for June , about 50% in July , 20% in August CLc3 and 10% in September contracts .
U.S. crude markets have been roiled by oversupply and dwindling demand in the wake of diminished economic activity due to the global coronavirus outbreak. Crude storage has grown scarce as a result. Nearer-term contracts are trading at sharply lower prices than later-dated ones, a departure from the norm.
On Monday, May U.S. crude futures settled below zero. USO was…
