Crude Oil Inventories 3.954M Barrel Build vs 1.912M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
Crude oil inventories have seen a build of 3.945 million barrels, which is significantly higher than the estimated draw of 1.912 million barrels.
September 13, 2023 | 2:30 pm
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The United States Oil Fund (USO) may be impacted by the unexpected build in crude oil inventories, which is significantly higher than the estimated draw.
The United States Oil Fund (USO) is an exchange-traded fund that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. An unexpected build in crude oil inventories typically leads to a decrease in oil prices due to the principles of supply and demand. This could negatively impact the performance of USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100