API Weekly Crude Oil Stock 1.246M Barrel Draw vs 433K Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 1.246 million barrels, significantly higher than the estimated 433,000 barrel draw.
June 21, 2023 | 8:34 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be positively impacted by the higher-than-expected crude oil stock draw reported by API.
The higher-than-expected crude oil stock draw indicates a stronger demand for oil, which may lead to an increase in oil prices. As USO tracks the daily price movements of West Texas Intermediate (WTI) crude oil, a rise in oil prices may result in a positive impact on USO's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80