API Weekly Crude Oil Stock 2.349M Barrel Draw vs 1.5M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock draw of 2.349 million barrels, surpassing the estimated draw of 1.5 million barrels.
December 12, 2023 | 9:32 pm
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POSITIVE IMPACT
The United States Oil Fund, LP (USO) may see a positive impact as the API reported a larger-than-expected draw in crude oil inventories.
The larger-than-expected draw in crude oil inventories typically indicates higher demand or lower supply than anticipated, which can lead to an increase in oil prices. As USO tracks the price of crude oil, this news is likely to be seen as positive for the ETF, potentially leading to a short-term increase in its price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80