OPEC Says Its Oil Output Fell By 464,000 Bpd In May To 28.06M As Voluntary Cuts Take Effect
Portfolio Pulse from Benzinga Newsdesk
OPEC's oil output fell by 464,000 bpd in May to 28.06 million bpd as voluntary production cuts took effect, according to Reuters.
June 13, 2023 | 11:23 am
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POSITIVE IMPACT
OPEC's oil output reduction may lead to a short-term increase in oil prices, potentially benefiting the United States Oil Fund (USO).
OPEC's decision to reduce oil output by 464,000 bpd in May is likely to lead to a short-term increase in oil prices. As USO is an ETF that tracks the performance of oil, it may benefit from this increase in oil prices. The news is relevant as it directly affects the oil market, and it is important for investors in USO to be aware of the potential impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80