Saudi Energy Minister Says Not Targeting Prices, Targeting Less Volatility
Portfolio Pulse from Benzinga Newsdesk
Saudi Energy Minister has stated that the country is not targeting oil prices, but is instead aiming for less volatility in the market.
September 18, 2023 | 2:28 pm
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NEUTRAL IMPACT
The statement by the Saudi Energy Minister may impact the United States Oil Fund (USO), as it indicates a potential for less volatility in oil prices.
The Saudi Energy Minister's statement indicates a desire for stability in the oil market. This could potentially lead to less volatility in oil prices, which would directly impact the United States Oil Fund (USO), an ETF that tracks the price of oil. However, the actual impact will depend on how effectively Saudi Arabia can manage to reduce volatility in the oil market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70