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UCO provides 2x the daily return of an index of futures contracts of WTI crude.

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iShares U.S. Oil & Gas Exploration & Production ETF

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United States Oil Fund LP

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President Joe Biden has already launched the biggest intervention into energy markets in a decade. Big Oil is nervous he's not nearly done yet.

Banning US oil exports would be a 'gift to OPEC and Putin,' Big Oil CEO says

U.S. oil futures gave up early Friday gains to settle with a loss, suffering a sixth weekly decline in a row. While the decision by the Organization of the Petroleum Exporting Countries and their allies on Thursday to "formally keep their meeting 'in session' means that they are watching developments closely and could reconvene at any time to begin to renegotiate the deal, this just speaks to the current uncertainty in the market when it comes to the ultimate impact the omicron variant will have on demand," said Troy Vincent, senior market analyst at DTN.

U.S. oil futures post a sixth consecutive weekly decline

Oil futures on Friday were trading sharply higher for a second session, but set for lackluster weekly move, capping a turbulent stretch of trade in energy trading, amid the emergence of omicron, a concerning strain of the coronavirus that causes COVID-19.

Oil futures climb sharply to end tumultuous week after OPEC+'s latest move

Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant hits demand, but prices were still on course for a sixth week of declines.

Oil up on OPEC+ plan to meet ahead of schedule if Omicron dents demand

Oil futures settled with a gain on Thursday after the Organization of the Petroleum Exporting Countries and their allies agreed to leave their current deal to boost monthly output by 400,000 barrels per day in place for January. The group of producers, which is known as OPEC+, also left the door open for any adjustments to production, depending on new developments in the market.

Oil futures settle higher after OPEC+ decides to keep gradual production increase for January

OPEC+ has agreed to go ahead with its planned January oil output rise of 400,000 barrels per day, two OPEC+ sources said on Thursday.

OPEC+ agrees on planned January oil output rise, sources say

Crude-oil futures were switching between gains and losses Thursday morning, as investors awaited an policy update from major oil producers and wrestled with concerns about the impact to supplies and demand resulting from the emergence of the omicron variant of coronavirus that causes COVID-19.

Futures Movers: Oil futures trade mixed as investors watch for OPEC+ decision amid omicron

Crude oil has been selling off, and that looks like a buying opportunity to me. There are valid reasons for the price drop, such as a release of more supply in the U.S. and concerns over a new COVID-variant.

UCO: Crude's Sell-Off Seems Overdone

Oil prices rose on Thursday, reversing the previous day's losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand.

Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Oil futures ended lower on Wednesday, giving up earlier gains following news that the U.S. has identified its first case of the omicron variant of coronavirus. The turn lower for prices late in the session was linked to growing concerns over COVID-19, and the potential for the new variant to disrupt economic activity and oil demand, said Tariq Zahir, managing member at Tyche Capital Advisors.

Oil futures finish lower as U.S. identifies its first case of the omicron variant of coronavirus

OPEC+ expects a surplus of 2 million barrels per day in January, 3.4 million in February, and 3.8 million in March, Reuters reported.

Oil prices will face downward pressure next year as OPEC sees oversupply expanding, report says

"The only thing that's really gonna knock the oil price down is new lockdowns in the Western world," Jefferies strategist Christopher Wood told CNBC.

Jefferies says oil could soar to $150 a barrel in a fully reopened world, despite current Omicron slump

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 900,000 barrels for the week ended Nov. 26. On average, analysts had forecast a 2.7 million-barrel decline, according to a poll conducted by S&P Global Platts.

Oil futures pare some gains after EIA reports a smaller-than-expected weekly fall in U.S. crude supplies

Prices are still below their October highs.

Oil Prices Rise Sharply Ahead of OPEC Meeting

There is little sign OPEC+ intends to change course from its current output plan of a monthly hike of 400,000 barrels per day.

OPEC to decide on oil output policy as omicron Covid variant rattles markets

OPEC+ sees the oil surplus worsening to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed.

OPEC+ sees worsening oil surplus Q1, 2022 - document

The Dow Jones Industrial Average is up 0.9% with the Nasdaq Composite headed to a 1.4% jump after Asian and European rallies.

Stocks Bounce Back With Oil Up Sharply Ahead of OPEC Meeting

Oil prices could move "a lot higher" and hit $150 when the world fully reopens, says Christopher Wood from Jefferies.

Oil may hit $150 and a surge could 'definitely escalate an inflation scare,' says Jefferies

Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.

Oil rises 1% ahead of OPEC meeting under Omicron cloud

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand.

OPEC+ begins two days of talks amid oil rout

Major oil producers face a difficult decision on production levels Thursday as a recovery in energy demand hit a setback with the discovery of a new variant of the coronavirus that causes COVID-19.

Commodities Corner: OPEC+ at a crossroads as oil prices post worst monthly drop since the pandemic began

Oil futures settled sharply lower on Tuesday, with prices posting their largest monthly loss since the pandemic officially began in March of 2020. "Crude prices got hit with a one-two punch" from the Moderna MRNA, -3.75% CEO's concern over the current MRNA vaccines' effectiveness with the omicron variant of the coronavirus, and after the Federal Reserve briefly sent the dollar higher and brought forward rate hike expectations, said Edward Moya, senior market analyst at Oanda.

Oil futures suffer largest monthly loss since March 2020

U.S. crude oil production fell 3.5% in September after Hurricane Ida temporarily halted most crude production in federal waters of the Gulf of Mexico, according to a monthly report from the U.S. Energy Information Administration on Tuesday.

U.S. crude production falls 3.5% in Sept after Ida hit offshore output - EIA

The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in November and October, according to a Reuters survey published on Tuesday.

OPEC oil output rises by 220,000 bpd in November - survey

Oil futures fell sharply Tuesday, under renewed pressure after the chief executive of Moderna Inc. warned that vaccines were likely to be less effective against the omicron variant of the coronavirus that causes COVID-19.

News for ProShares Ultra Bloomberg Crude Oil ETF (UCO)