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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POSITIVE IMPACT
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