Oil Market Starts July On Slippery Slope: Here Is A Key Factor To Watch Out For
Portfolio Pulse from Bhavik Nair
Oil prices traded slightly lower due to possibilities of a slowdown led by extended rate hikes by the Federal Reserve. Recent data supports further rate hikes by the Fed. Factory activity growth in China showed signs of slowing down in June. Analysts anticipate tighter supplies and a potential price boost in the second half of the year. The United States Brent Oil Fund LP (BNO) closed 1.15% higher, while the Vanguard Energy Index Fund ETF (VDE) gained 0.68%.
July 03, 2023 | 7:03 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The United States Brent Oil Fund LP (BNO) closed 1.15% higher. The potential slowdown and tighter supplies could impact the fund's performance.
The potential slowdown due to rate hikes by the Federal Reserve and the anticipated tighter supplies could impact the performance of BNO. As the fund's value is tied to the price of Brent crude oil, any changes in the oil market could directly affect the fund's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Vanguard Energy Index Fund ETF (VDE) gained 0.68%. The potential slowdown and tighter supplies could impact the fund's performance.
The potential slowdown due to rate hikes by the Federal Reserve and the anticipated tighter supplies could impact the performance of VDE. As the fund's value is tied to the energy sector, any changes in the oil market could directly affect the fund's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80