Company: DBO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027272
Chunk: 129

Company: Invesco DB Oil Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 129
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 Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of 13.36 per Share (-4.02%) on September 10, 2024, and a high of $16.21 per Share (+16.45%) on July 3, 2024. 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, the total return for the Fund on a market value basis was +7.78%.

Crude oil ended 2024 slightly higher. Prices gained as escalating tensions in the Middle East and between Russia and Ukraine raised supply concerns and Federal Reserve interest rate easing expectations grew, ending the first half of the year up around 15%. However, crude oil was pressured in the third quarter by low refining margins decreasing crude demand, the bearish Trump trade, expectations for a supply glut in 2025, and the OPEC spare capacity overhang. While heightened geopolitical turmoil, the Federal Reserve's interest rate easing kickoff and the surprise Chinese stimulus boosted overall sentiment in September, those gains faded as 

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the market remained in wait-and-see mode. The fourth quarter was slightly positive for crude oil due 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