Crude Lower Following Bloomberg Report, OPEC+ Talks Hit Turbulence As Saudis Agitate Over Output Levels
Portfolio Pulse from Charles Gross
Crude oil prices fell after a Bloomberg report indicated that OPEC+ talks encountered difficulties due to Saudi Arabia's concerns over output levels. The Saudis are reportedly agitating for changes in production quotas, which has introduced uncertainty into the market, leading to a decrease in oil prices.
November 22, 2023 | 12:55 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to experience a short-term negative impact due to the reported turbulence in OPEC+ talks, as it tracks the daily price movements of West Texas Intermediate (WTI) crude oil.
As USO's performance is directly tied to crude oil prices, the reported difficulties in OPEC+ negotiations and Saudi Arabia's stance on production levels could lead to lower oil prices, thereby negatively affecting USO's share price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80