Putin Said Oil Price Could Have Fallen Below $50 Per Barrel Without Oil Supply Cuts; Said OPEC+ Deal Will Likely Continue
Portfolio Pulse from Charles Gross
Russian President Vladimir Putin stated that without oil supply cuts, the price of oil could have fallen below $50 per barrel. He also mentioned that the OPEC+ deal is likely to continue.
October 11, 2023 | 1:19 pm
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POSITIVE IMPACT
The USO ETF, which tracks oil prices, could be directly impacted by Putin's comments on oil supply cuts and the continuation of the OPEC+ deal.
The USO ETF directly tracks oil prices. Therefore, any news or comments about oil supply cuts and the OPEC+ deal can have a direct impact on the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, could be impacted by Putin's comments as oil prices influence the overall market.
The SPY ETF tracks the S&P 500, which includes many companies in the energy sector. Therefore, changes in oil prices can influence the overall market and thus the SPY ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The VGK ETF, which tracks European stocks, could be indirectly impacted by Putin's comments as oil prices can influence the European market.
The VGK ETF tracks European stocks, which include many companies in the energy sector. Therefore, changes in oil prices can influence the European market and thus the VGK ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50