Oil futures ETF trading volume spiked 25% above its monthly average, fueled by speculation of new production cuts from key OPEC members. Crude oil futures were trading lower in the early New York session by 1.37% to hover around $64.82 per barrel. For example on Wednesday, the fund dropped 11% even as oil's June futures jumped 20%. On Thursday, while June oil jumped 30%, the USO only gained 12%. The energy sector rally is boosting oil futures ETF NAVs, with some leveraged products up over 15% in the past month.
