Crude Oil Prices: USOY seeks to track the daily change in percentage terms of a benchmark crude oil price. Thus, fluctuations in crude oil prices directly impact USOY's value.

Futures Contract Roll Yield: USOY uses futures contracts. The cost of rolling these contracts (buying later-dated contracts to replace expiring ones) can affect returns. Negative roll yield detracts from performance.

Supply and Demand: Global and US crude oil supply and demand dynamics, influenced by production levels, geopolitical events, and economic activity, impact crude oil prices and consequently USOY.

Geopolitical Events: Political instability, conflicts, or policy changes in oil-producing regions can cause price volatility and affect USOY.

Inventory Levels: Changes in US crude oil inventories reported by the EIA (Energy Information Administration) can influence prices and thereby USOY's value.

Dollar Strength: Since crude oil is typically priced in US dollars, fluctuations in the dollar's value can affect crude oil prices and USOY.

Interest Rates: Interest rate changes can affect the cost of financing oil production and storage, impacting prices and USOY.

Economic Growth: Economic growth or recession impacts oil demand and, consequently, oil prices and USOY.

Regulatory Changes: Government regulations concerning oil production, transportation, or consumption can influence oil prices and USOY.