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USO - The Daily Drilling Report's Monthly Almanac And Gazette: March 2019
United States Oil Fund
The Oilfield Almanac
Oil (WTI) has made some very positive progress higher in the last month, in the face of what could have been some strong headwinds. The chart below shows a 12% gain for the period.
Source: OilPrice, Chart by author
Oil has laughed off some significant adverse indicators in recent weeks to make this move.
A bad jobs number leading to concerns about global growth.
A shutdown of the Houston ship channel that led to a two-week build in inventories of about 9 mm bbls (much of U.S. crude is being