API Weekly Crude Oil Stock 2.408M Barrel Draw vs 1.467M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 2.408 million barrels, which is higher than the estimated draw of 1.467 million barrels.
June 27, 2023 | 8:37 pm
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The United States Oil Fund (USO) may be impacted by the higher-than-expected draw in crude oil stocks reported by the API.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) crude oil. A higher-than-expected draw in crude oil stocks, as reported by the API, indicates a higher demand for oil, which could potentially lead to an increase in oil prices. This could positively impact the performance of USO in the short term.
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