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.

Eric Balchunas, a senior ETF analyst at Bloomberg, wrote 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 had exceeded $7.6 billion, breaking its historical single-day trading record and far surpassing the trading volume levels during the periods of sharp 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 eroded by futures rollover costs. At the same time, oil prices are also subject to 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 high risk appetites. USO is considered one of the most price-sensitive equity assets, thus often attracting a large amount of short-term trading during periods of sharp oil price fluctuations.