API Weekly Crude Oil Stock Draw 4.382M Barrels
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a draw of 4.382 million barrels in the weekly crude oil stock.
July 05, 2023 | 8:36 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the reported draw in the weekly crude oil stock.
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 draw in the weekly crude oil stock indicates a decrease in supply, which could lead to an increase in oil prices. This could potentially benefit USO as it may lead to an increase in the fund's value.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80