No Europe? No Problem, Says Russia As It Steps Up Crude Oil Exports to Gas-Guzzling China
Portfolio Pulse from Shanthi Rexaline
Russia's crude oil exports to China reached a record high in May, with a 15.3% YoY increase and a 32.4% MoM jump. This comes as Europe applies sanctions on Russian crude oil due to the Russia-Ukraine war, causing Russia's fuel exports to EU member states to fall 90% YoY.
June 21, 2023 | 12:04 pm
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The United States Oil Fund, LP (NYSE:USO) edged up 0.44% to $64.20 in premarket trading on Wednesday, as Europe turns to the U.S. and Saudi Arabia to make up for the shortfall in Russian crude oil.
As Europe imposes sanctions on Russian crude oil, they are turning to alternative sources like the U.S. and Saudi Arabia to meet their oil demands. This increased demand for U.S. oil is likely to have a positive short-term impact on the United States Oil Fund (USO), as evidenced by the 0.44% increase in premarket trading.
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