If I just wanted a ticker symbol for the price of oil to put on a 'market health' dashboard, with no intention of actually investing in the ETF at all, would USO suffice?
No. USO is not symptomatic of the health of the Oil market [1]. USO is a bizarre beast and any analogy fails to explain it. The only thing indicative of the health of the Oil market is spot and futures prices. [2]
This, unfortunately (or for some, fortunately) requires understanding the structure of the Oil market and how Oil is bought, sold, delivered and transported and yes stored! Spot prices, futures, oil grades, hubs, contango, etc.
