Crude Oil Inventories A Draw Of 600K Vs Draw Of 2.348M Expected
Portfolio Pulse from Benzinga Newsdesk
Crude oil inventories have seen a draw of 600K, which is less than the expected draw of 2.348M.
July 26, 2023 | 2:30 pm
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The United States Oil Fund (USO) may be impacted by the less than expected draw in crude oil inventories.
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. A less than expected draw in crude oil inventories indicates a lower demand for oil, which could lead to a decrease in oil prices. This could negatively impact the performance of USO.
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IMPORTANCE 80
RELEVANCE 100