🔴 USO is trading 3.3% down today as Iraq's OPEC exit threat sinks crude prices

USO is trading 3.3% down today after crude prices dropped below $70 following Iraq’s threat to leave OPEC over production quotas.

• The potential departure of Iraq has sparked fears of cartel instability and a breakdown in production discipline, raising concerns of a global oversupply.
• Broader risk-off sentiment and a general pullback in commodities are adding to the selling pressure as oil-linked assets reprice on near-term uncertainty.