U.S. Treasury Secretary Yellen Says Gas Prices Have Risen After Saudi Oil Cuts, Not Desirable; Hope That Oil And Gas Prices Stabilize
Portfolio Pulse from Benzinga Newsdesk
U.S. Treasury Secretary Janet Yellen has expressed concern over the rise in gas prices following Saudi Arabia's oil cuts. She hopes for stabilization in oil and gas prices.
September 19, 2023 | 12:46 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) could be impacted by the rise in gas prices following Saudi Arabia's oil cuts.
The USO ETF, which tracks the price of oil, could be positively impacted by rising gas prices. Higher gas prices often correlate with higher oil prices, which would likely lead to an increase in the value of the USO ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The rise in gas prices due to Saudi oil cuts could impact the overall market, potentially affecting the SPY ETF.
The SPY ETF, which tracks the S&P 500, could be negatively impacted by rising gas prices. Higher gas prices can lead to increased costs for companies, potentially leading to lower profits and a negative impact on stock prices.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70