July Crude Up 2.5% After Saudi Arabia On Sunday Pledged New Voluntary Oil Output Cut Of 1M Barrels/Day For July
Portfolio Pulse from Charles Gross
July crude oil prices rose 2.5% after Saudi Arabia pledged a new voluntary oil output cut of 1 million barrels per day for July.
June 05, 2023 | 8:48 am
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POSITIVE IMPACT
USO may see a positive short-term impact as crude oil prices rise 2.5% due to Saudi Arabia's voluntary output cut of 1M barrels/day for July.
The United States Oil Fund (USO) is an ETF that tracks the performance of crude oil. As Saudi Arabia pledges a voluntary output cut of 1 million barrels per day for July, this will likely lead to a rise in crude oil prices. This increase in prices will have a positive short-term impact on USO, as it directly benefits from higher oil prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80