Company: DBO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027272
Chunk: 130

Company: Invesco DB Oil Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 130
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 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, the total return for the Fund on a NAV basis was 7.26%.

Net income (loss) for the year ended December 31, 2024 was $19.6 million, primarily resulting from income of $11.9 million, net realized gain (loss) of $(1.4) million, net change in unrealized gain (loss) of $10.8 million and net operating expenses of $1.7 million.

For the year ended December 31, 2023, the NAV of each Share decreased from $15.18 per Share to $13.96 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 2023 contributed to an overall 7.89% decrease in the level of the Index and to a 3.03% decrease in the level of the DBIQ-OY CL TR™. On December 22, 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,