API Weekly Crude Oil Stock 2.418M Barrel Draw bs 2.9M Barrel Draw Est.
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The American Petroleum Institute (API) reported a weekly crude oil stock draw of 2.418 million barrels, which is less than the estimated draw of 2.9 million barrels.
August 22, 2023 | 8:33 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may be impacted by the lower than expected draw in crude oil stocks 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) crude oil. A lower than expected draw in crude oil stocks indicates a potential oversupply in the market, which could put downward pressure on oil prices and consequently on USO's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80