Crude Oil Inventories 17.05M Barrel Draw vs 1.367M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
Crude oil inventories have seen a draw of 17.05 million barrels, significantly higher than the estimated draw of 1.367 million barrels.
August 04, 2023 | 11:28 am
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POSITIVE IMPACT
The United States Oil Fund (USO) may see a positive impact due to the larger 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) crude oil. A larger than expected draw in crude oil inventories typically indicates higher demand or lower supply, which can lead to an increase in oil prices. This could positively impact the performance of USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100