U.S. EIA Cuts Forecast For 2024 World Oil Demand Growth By 40,000 Barrels/Day, Now Sees 1.32M Barrels/Day YoY Increase; Cuts Forecast For 2023 World Oil Demand Growth By 50,000 Barrels/Day, Now Sees 1.76M Barrels/Day YoY Increase
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has reduced its forecast for world oil demand growth in 2024 by 40,000 barrels/day, now predicting a year-on-year increase of 1.32 million barrels/day. The forecast for 2023 has also been cut by 50,000 barrels/day, with a new prediction of 1.76 million barrels/day year-on-year increase.
October 11, 2023 | 4:48 pm
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The United States Oil Fund (USO) could be impacted by the EIA's reduced forecast for world oil demand growth in 2023 and 2024.
The United States Oil Fund (USO) is an exchange-traded fund that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. A reduction in the forecasted demand for oil could lead to a decrease in oil prices, which would likely negatively impact the performance of USO.
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