Energy industry

It’s the latest dramatic twist in the story of USO, which was at the center of the storm as crude prices plunged earlier this year.

If clients “looked just three months ago, these numbers would be glaringly different,” an expert says.

The $4.9 billion fund has come under close scrutiny as crude’s rapid plunge forced it to quickly shift some of its giant positions on short notice.

The $4.64 billion fund lost 75% of its value in two months.

Analysis of two funds in particular shows how important the industry has become to the oil futures markets, as they have attracted record inflows.

The bank says it has decided to “effectively eliminate the net leverage” of its MLP Income Opportunities Fund and MLP and Energy Renaissance Fund.

Amid a “rapidly increasing” number of ESG-aware clients, planners say the sector must clean up its act to survive.

The yield on Mozambique’s sole dollar bond, due 2023, has fallen almost 5 percentage points this month to 11%.

The SPDR fund recorded its biggest outflow in 18 months as oil fell below $52 a barrel.

The funds carry a fee eight times larger than the 0.08% charged by the least expensive energy ETF run by Fidelity.