U.S. EIA Raises Forecast For 2023 World Oil Demand Growth By 30,000 Barrels/Day, Now Sees 1.59M Barrels/Day Year-On-Year Increase
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has increased its forecast for 2023 world oil demand growth by 30,000 barrels per day, now predicting a 1.59 million barrels per day year-on-year increase.
June 06, 2023 | 4:05 pm
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POSITIVE IMPACT
The U.S. EIA's raised forecast for 2023 world oil demand growth may positively impact the United States Oil Fund (USO) in the short term.
The U.S. EIA's raised forecast for 2023 world oil demand growth indicates a potentially stronger market for oil in the future. This may lead to higher oil prices, which would positively impact the United States Oil Fund (USO) as it tracks the performance of oil prices.
CONFIDENCE 80
IMPORTANCE 75
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