China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper
Published . Updated .
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China is buying discounted Congolese and Angolan crude while South Korea targets Gabon after tanker rates fell 50% and delivered Atlantic oil became up to $10 cheaper
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+7.5% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “tanker” (tanker shipping) in this story.
- AFK VanEck Africa Index ETF
VanEck Africa Index ETF holds stocks listed in Africa, which this story is about (“congo”).
- EWY iShares MSCI South Korea ETF-18.8% 30d
iShares MSCI South Korea ETF holds stocks listed in South Korea, which this story is about (“south korea”).
- CEW WisdomTree Emerging Currency Strategy Fund
WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from Africa.
- EMB iShares J.P. Morgan USD Emerging Markets Bond ETF+0.3% 6d
iShares J.P. Morgan USD Emerging Markets Bond ETF holds emerging-market government bonds, which react to inflation and interest-rate news like this one in Africa
- EMLC VanEck J.P. Morgan EM Local Currency Bond ETF-1.6% 30d
VanEck J.P. Morgan EM Local Currency Bond ETF holds emerging-market bonds in local currencies, which move with rate and currency news like this from Africa.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | +4.74% | +0.82% | base | +3.43% | after close | after close | after close |
| XLE | -2.64% | -2.21% | base | +1.50% | after close | after close | after close |
| BWET | +23.15% | +6.41% | base | +5.26% | after close | after close | after close |
| AFK | -0.30% | -0.30% | base | -1.09% | after close | after close | after close |
| EWY | -10.08% | -3.80% | base | -1.63% | after close | after close | after close |
| CEW | +0.00% | +0.00% | base | — | after close | after close | after close |
| EMB | -0.03% | +0.53% | base | -0.81% | after close | after close | after close |
| EMLC | +0.45% | +1.06% | base | -0.57% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper Business Insider Africa
Source: Business Insider Africa
The price since 12 Nov 2026: United States Oil Fund (USO) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Vaneck Etf Trust (AFK) | that day | -1.09% | final price |
| Vaneck Etf Trust (AFK) | three days earlier | -0.30% | final price |
| Vaneck Etf Trust (AFK) | five days earlier | -0.30% | final price |
| Amplify Commodity Trust (BWET) | that day | +5.26% | final price |
| Amplify Commodity Trust (BWET) | three days earlier | +6.41% | final price |
| Amplify Commodity Trust (BWET) | five days earlier | +23.15% | final price |
| CEW | three days earlier | 0.00% | final price |
| CEW | five days earlier | 0.00% | final price |
| EMB | that day | -0.81% | final price |
| EMB | three days earlier | +0.53% | final price |
| EMB | five days earlier | -0.03% | final price |
| EMLC | that day | -0.57% | final price |
| EMLC | three days earlier | +1.06% | final price |
| EMLC | five days earlier | +0.45% | final price |
| Ishares Msci South Korea Etf (EWY) | that day | -1.63% | final price |
| Ishares Msci South Korea Etf (EWY) | three days earlier | -3.80% | final price |
| Ishares Msci South Korea Etf (EWY) | five days earlier | -10.08% | final price |
| United States Oil Fund (USO) | that day | +3.43% | final price |
| United States Oil Fund (USO) | three days earlier | +0.82% | final price |
| United States Oil Fund (USO) | five days earlier | +4.74% | final price |
| Select Sector Spdr Tr (XLE) | that day | +1.50% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | -2.21% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -2.64% | final price |
Congressional trades in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 73 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 50 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 71 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Oil Fund (USO)
Likely winners
- FRO Frontline
Frontline (FRO) tends to benefit, medium confidence in the 12 Nov 2026 story “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper.” Reason on file: Frontline (deep sea foreign transportation of freight): tanker owners earn more when more crude has to move by sea. Linked by “tanker” (tanker shipping) in this story
No up or down call on file
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper.” Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- BWET Amplify Commodity Trust
Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper.” Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “tanker” (tanker shipping) in this story
- AFK Vaneck Etf Trust
For “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper,” Vaneck Etf Trust (AFK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Africa Index ETF holds stocks listed in Africa, which this story is about (“congo”)
How energy news reaches United States Oil Fund (USO)
The 12 Nov 2026 story “China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper” names United States Oil Fund (USO) because of Energy.
United States Oil Fund (USO) is on the page because United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Dates in the story, and the United States Oil Fund (USO) price range
BWET traded between 788.51 and 1047.07 across 17 sessions. The latest close on file is 907.20. USO traded between 143.02 and 171.80 across 20 sessions. The latest close on file is 148.41. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
A simple score for United States Oil Fund (USO)
46 out of 100
“China snaps up Congo and Angola oil as South Korea targets Gabon after tanker costs tumble 50% and delivered Atlantic crude becomes up to $10 cheaper” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.