Company: DBO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027272
Chunk: 67

Company: Invesco DB Oil Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 67
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 to escalating Middle East tensions but headwinds from President Trump’s tariff and energy policy plans limited the upside. 

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $15.21 per Share to $13.92 per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $13.10 per Share (-13.87%) on March 17, 2023, and a high of $18.18 per Share (+19.53%) on September 27, 2023. On December 23, 2023, the Fund paid a distribution of $0.638510 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a market value basis was -4.42%.

Crude oil ended 2023 down sharply. Prices ping ponged lower in the first quarter on crude oil inventory builds, Federal Reserve rate hike concerns, the Russian “production cut”, mandated US Strategic Petroleum Reserve (SPR) releases, and some optimistic signs out of China. Second quarter marked more losses as headwinds from the disappointing recovery in China and Federal Reserve banking sector debt ceiling-driven recession concerns continued, while Russian oil supplies continued to make their way onto the market adding to the sloppiness in balances. While prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit, demand outperformed expectations, and macro sentiment improved amid US economic resilience, the optimism was short-lived, with WTI crude oil plunging in the fourth quarter.

Fund Share Net Asset Performance

For the year ended December 31, 2024, the NAV of each Share increased from $13.96 per Share to $14.28 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 2024 contributed to an overall 2.69% increase in the level of the Index and to a 8.07% increase in the level of the DBIQ-OY CL TR™. On December 27, 2024, the Fund paid a distribution of $0.66977 for each General Share and Share to holders of record as of December 23, 2024. Therefore