Wednesday, September 30, 2020

United States Oil Fund gets Wells notice from SEC – Reuters Africa

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USO said in April that it may not be able to meet its investment objective of reflecting the spot prices of oil any longer after U.S. crude oil futures contracts traded in negative territory for the first time in history.

On April 21, the fund stated that it had issued all of its registered shares and was thus suspending the creation of new shares. As a result of the suspension, there was a significant discrepancy between the fund’s trading price and the performance of the oil futures it held.

USO said in the filing that the company, USCF and Love maintain that USO’s disclosures and their actions were appropriate.

They intend to contest the allegations made in the notice and expect to engage in a dialogue with the SEC staff.

A Wells notice does not necessarily mean the SEC will bring any action against the company or that the recipient has violated any law. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)

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