OPEC Leaves Global Oil Demand Forecasts Unchanged; OPEC Keeps 2023 Global Oil-Demand Growth Forecast Steady At 2.4M Barrels/Day; OPEC Raises 2023 U.S. Economic Growth Forecast To 1.8% From 1.4%
Portfolio Pulse from Benzinga Newsdesk
OPEC has left its global oil demand forecasts unchanged, maintaining the 2023 global oil-demand growth forecast at 2.4 million barrels per day. Additionally, OPEC has raised its 2023 U.S. economic growth forecast to 1.8% from 1.4%.
August 10, 2023 | 12:16 pm
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POSITIVE IMPACT
The raised U.S. economic growth forecast by OPEC may positively impact the SPY ETF, which tracks the S&P 500 index.
The SPY ETF tracks the S&P 500 index, which is a broad representation of the U.S. economy. A raised economic growth forecast for the U.S. by OPEC suggests a positive outlook for the U.S. economy, which could lead to a rise in the SPY ETF in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The unchanged global oil demand forecast by OPEC may have a neutral impact on the USO ETF, which tracks the performance of West Texas Intermediate (WTI) crude oil.
The USO ETF tracks the performance of West Texas Intermediate (WTI) crude oil. Since OPEC has left its global oil demand forecasts unchanged, this suggests that the market conditions for oil are expected to remain stable, which could lead to a neutral impact on the USO ETF in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90