U.S. Energy Information Administration Says Brent Crude Oil Spot Prices Will Average $78/Barrel In July; Crude Oil Prices Will Reach $80/Barrel In Q4 2023
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) predicts that Brent Crude Oil spot prices will average $78 per barrel in July and reach $80 per barrel in Q4 2023.
July 11, 2023 | 4:23 pm
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POSITIVE IMPACT
The EIA's forecast of rising oil prices could impact SPY, which has energy sector exposure.
SPY, as a broad market ETF, has exposure to the energy sector. Therefore, rising oil prices could potentially lead to higher returns for the energy sector and thus, positively impact SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The EIA's forecast of rising oil prices is directly relevant to USO, which tracks the price of oil.
USO is an ETF that tracks the price of oil. Therefore, any increase in oil prices, as forecasted by the EIA, would directly increase the value of USO.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100