Bloomberg analysts: The USO crude oil ETF saw a record-breaking single-day trading volume of over $7.6 billion, far exceeding the levels seen during the oil market turmoil of 2020 and 2022.

According to a report by Odaily, Eric Balchunas, a senior ETF analyst at Odaily, stated on the X platform that the United States Oil Fund (USO) saw unusually high trading volume today. As of 11:30 AM ET, its daily trading volume exceeded $7.6 billion, breaking its historical single-day trading record and far surpassing the trading volume levels seen during the periods of significant oil market volatility in 2020 and 2022. Since USO primarily tracks oil prices by rolling over crude oil futures contracts, long-term holdings may be subject to the erosion of futures rollover costs. Furthermore, oil prices are subject to the risk of rapid pullbacks, and investors should be aware of potential volatility. The analysis suggests that this surge in trading volume may be driven by both professional traders and retail investors with a high risk appetite. USO is considered one of the most price-sensitive equity assets, thus often attracting a large amount of short-term trading during periods of significant oil price volatility.