API Weekly Crude Oil Stock 1.347M Barrel Build vs 1.601M Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock build of 1.347 million barrels, which is less than the estimated 1.601 million barrels.
October 31, 2023 | 8:33 pm
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The United States Oil Fund (USO) may be impacted by the lower than expected crude oil stock build reported by API.
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. A lower than expected build in crude oil stocks can lead to a rise in oil prices due to supply constraints, which could potentially benefit USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80