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Price of OILU jumps 34% following news on 50% Saudia Arabian refining capacity destruction by Iranian drones.[/caption]
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At the height of the Oil crash in 2016, USO traded at USD8.33 per share on 2nd August 2016. It has since recovered[/caption]
The price of oil has an positive correlation with likelihood of war and a booming economy. It has a negative correlation with recession and oversupply.
The price of oil did not hit zero even during the height of the oil crash.