U.S. Crude Output To Rise 720,000 Barrels/Day To 12.61M Barrels/Day In 2023 (vs Rise Of 640,000 Barrels/Day Forecast Last Month)
Portfolio Pulse from Benzinga Newsdesk
U.S. crude output is expected to rise by 720,000 barrels per day to 12.61 million barrels per day in 2023, an increase from the previous forecast of 640,000 barrels per day, according to Reuters.
June 06, 2023 | 4:08 pm
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The United States Oil Fund (USO) may be impacted by the increased forecast for U.S. crude output in 2023.
The increased forecast for U.S. crude output in 2023 may lead to higher supply, which could affect oil prices and subsequently impact the United States Oil Fund (USO). As USO tracks the performance of oil prices, a change in the output forecast can influence its performance in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80