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Oil surges 8% in sudden move toward the end of trading, US Oil Fund ETF halted

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U.S. West Texas Intermediate crude surged more than 8% in a sudden move toward the end of trading.

The surge followed a report from Reuters that OPEC and its allies, known as OPEC+, was discussing a massive cut that could reach 10 million barrels per day.

 

The United States Oil Fund (USO), which tracks the price of oil, was halted for trading temporarily amid the wild activity into the end of the session. The ETF resumed trading shortly thereafter the initial halt.

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