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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POSITIVE IMPACT
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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100