[nicholas73]

You know that USO does not hold physical oil, but futures contracts, right? Futures contracts are now in heavy contango (front month is cheaper than following month). That means every month USO has to roll over these contracts by selling front and buying next month, so USO will lose value over time as long as these conditions persist.

You might already know this but that is why USO can lose value over time (the opposite was true when oil was higher). So careful with the timing.

[rwmurrayVT]

Up 11% since yesterday. I know that it is risky, but I just figure at some point in the next 2 years it will work out.

[nicholas73]

The point is that contango is like a slow trickle that decays your value. That doesn't mean it can't go up due to larger fluctuating factors. But over time is does go down while in that state, so it's not a buy and hold play.

Basically you need the virus situation to abate, along with OPEC price wars to end. And it needs to happen very soon (check the spread between front month and next month oil futures).