Reuters Earlier Reported Russian Oil Exports From Western Ports Are Set To Fall By Some 100,000-200,000 Barrels Per Day Next Month From July Levels
Portfolio Pulse from Benzinga Newsdesk
Russian oil exports from western ports are expected to decrease by 100,000-200,000 barrels per day in the next month from July levels, as reported by Reuters.
July 14, 2023 | 11:36 am
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the decrease in Russian oil exports as it could lead to a rise in global oil prices.
The United States Oil Fund (USO) tracks the price of West Texas Intermediate light, sweet crude oil. A decrease in Russian oil exports could lead to a tightening of global oil supply, potentially leading to a rise in oil prices. This could positively impact the value of USO in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75