U.S. Crude Production Grew 0.7% To 12.99M Barrels Per Day In July, Highest Since Nov 2019
Portfolio Pulse from Benzinga Newsdesk
U.S. crude production increased by 0.7% to 12.99 million barrels per day in July, marking the highest level since November 2019, according to Reuters.

September 29, 2023 | 4:05 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may be impacted by the increase in U.S. crude production as it could influence oil prices.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. An increase in U.S. crude production could potentially lead to a decrease in oil prices due to increased supply, which could negatively impact the performance of USO. However, other factors such as global demand and geopolitical events also significantly influence oil prices, so the impact is not certain.
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IMPORTANCE 70
RELEVANCE 75