API Weekly Crude Oil Stock A Build Of 4.067M Vs A Draw Of 233K Expected
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a build of 4.067 million barrels in the weekly crude oil stock, against an expected draw of 233,000 barrels. This unexpected increase could impact the price of oil and related assets.
August 08, 2023 | 8:34 pm
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The United States Oil Fund (USO) could be impacted by the unexpected increase in the weekly crude oil stock reported by API. This could potentially lead to a decrease in the price of USO.
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 increase in the weekly crude oil stock, as reported by API, could lead to a decrease in the price of oil, which would in turn negatively impact the price of USO.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100