OPEC Monthly Report: 'The world oil demand growth forecast for 2023 is revised up marginally from the previous month's assessment to 2.5 mb/d'
Portfolio Pulse from Benzinga Newsdesk
The OPEC Monthly Report has revised the world oil demand growth forecast for 2023 slightly upwards to 2.5 million barrels per day (mb/d), indicating a marginally stronger demand than previously assessed.
November 13, 2023 | 12:13 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to be positively impacted by the revised OPEC forecast for increased oil demand, as higher demand could lead to higher oil prices.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate light, sweet crude oil. An upward revision in oil demand forecasts by OPEC suggests a potential increase in oil prices, which could lead to a rise in USO's share price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80