OPEC Raises 2023 Global Oil-Demand Growth Forecasts By 100,000 B/D To 2.4M B/D; Says Oil Demand Growth To Remain Strong In 2024 Thanks to Asian Economies
Portfolio Pulse from Benzinga Newsdesk
OPEC has increased its 2023 global oil-demand growth forecasts by 100,000 barrels per day (B/D) to 2.4 million B/D. The organization also predicts strong oil demand growth in 2024, largely due to Asian economies.
July 13, 2023 | 11:35 am
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The United States Oil Fund (USO) could potentially benefit from OPEC's increased oil-demand growth forecasts for 2023 and 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. As OPEC's increased oil-demand growth forecasts suggest a potential rise in oil prices, this could lead to an increase in the value of USO's holdings and potentially its share price.
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