Saudi Cabinet Following OPEC+ Joint Ministerial Monitoring Committee, Says Kingdom Supports Efforts To Stabilize Oil Markets
Portfolio Pulse from Benzinga Newsdesk
The Saudi Cabinet, following the OPEC+ Joint Ministerial Monitoring Committee (JMMC), has expressed its support for efforts to stabilize oil markets, according to Reuters.
October 10, 2023 | 12:26 pm
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POSITIVE IMPACT
The Saudi Cabinet's support for stabilizing oil markets could have a direct positive impact on USO, which tracks the price of oil.
USO directly tracks the price of oil. Therefore, any efforts to stabilize oil markets, such as those supported by the Saudi Cabinet, could have a direct positive impact on USO.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The Saudi Cabinet's support for stabilizing oil markets could indirectly affect SPY, as oil prices can influence overall market sentiment.
While SPY is not directly linked to oil prices, it can be influenced by overall market sentiment, which can be affected by oil market stability. However, the impact is indirect and thus not certain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50