API Weekly Crude Oil Stock 3.026M Barrel Build vs 200K Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil inventory build of 3.026 million barrels for the week, compared to analysts' expectations of a 200,000 barrel build.
July 11, 2023 | 8:34 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The United States Oil Fund (USO) may be impacted by the larger than expected crude oil inventory build reported by API.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) crude oil. A larger than expected build in crude oil inventories typically indicates lower demand or higher supply, which can put downward pressure on oil prices. This could negatively impact the performance of USO in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80