Reuters: 'OPEC's forecast for 2024 will likely be lower than the growth it expects to this year of 2.35 million barrels per day, or 2.4%'
Portfolio Pulse from Benzinga Newsdesk
OPEC's forecast for oil demand growth in 2024 is expected to be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4%.
July 06, 2023 | 1:12 pm
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The United States Oil Fund (USO) could be impacted by OPEC's forecast for lower oil demand growth in 2024.
The United States Oil Fund (USO) is an exchange-traded fund that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. OPEC's forecast for lower oil demand growth in 2024 could lead to a decrease in oil prices, which would negatively impact the performance of USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100