The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) saw an uptick as crude oil prices remained stagnant following OPEC+'s decision to delay planned production increases. On December 5, 2024, OPEC+ announced that it would postpone the gradual restoration of 2.2 million barrels per day in production cuts until April 2025, extending the cuts into 2026. This decision comes amid weaker-than-expected demand from China and increased production from non-OPEC countries like Brazil and Argentina, which have kept oil prices under pressure. U.S. crude oil prices hovered around $68.30 per barrel, reflecting the market's cautious sentiment as OPEC+ aims to stabilize prices amidst a potential supply glut.
The SCO ETF, which benefits from declining crude oil prices, closed at $18.38, marking a 0.82% increase from the previous day.