Saudi Arabia Announces Massive Oil Production Cut, Minister Says 'Will Do Whatever Is Necessary' For Price Stability
Portfolio Pulse from Bhavik Nair
Saudi Arabia announced a massive oil production cut of an extra one million barrels per day in July, causing oil prices to rise over $2 per barrel. The United States Brent Oil Fund (BNO) and the Vanguard Energy Index Fund ETF (VDE) gained 2.88% and 3.12% respectively.
June 05, 2023 | 1:30 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The United States Brent Oil Fund (BNO) closed 2.88% higher on Friday due to Saudi Arabia's announcement of a massive oil production cut.
Saudi Arabia's announcement of a massive oil production cut has led to a rise in oil prices, which directly impacts the United States Brent Oil Fund (BNO). As a result, BNO closed 2.88% higher on Friday.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Vanguard Energy Index Fund ETF (VDE) gained 3.12% on Friday following Saudi Arabia's announcement of a massive oil production cut.
Saudi Arabia's announcement of a massive oil production cut has led to a rise in oil prices, which directly impacts the Vanguard Energy Index Fund ETF (VDE). As a result, VDE gained 3.12% on Friday.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100