API Weekly Crude Stock: 1.319M Barrel Build vs 1.969M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a build of 1.319 million barrels in the weekly crude stock, against an estimated draw of 1.969 million barrels.
July 25, 2023 | 8:34 pm
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The United States Oil Fund (USO) may be impacted by the unexpected build in crude stock 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) light, sweet crude oil. An unexpected build in crude stock, as reported by API, indicates an oversupply in the market, which could put downward pressure on oil prices. This, in turn, could negatively impact the performance of USO.
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IMPORTANCE 80
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