OPEC June Oil Output Fell By 50,000 BPD Vs May To 28.18M BPD
Portfolio Pulse from Charles Gross
According to a Reuters survey, OPEC's oil output in June fell by 50,000 barrels per day (BPD) compared to May, totaling 28.18 million BPD.
June 30, 2023 | 11:56 am
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The United States Oil Fund (USO) could be impacted by the decrease in OPEC's oil output.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. A decrease in OPEC's oil output could lead to a rise in oil prices, which could negatively impact USO as it could make oil more expensive for the fund to purchase.
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