API Weekly Crude Oil Stock: 5.215M Barrel Draw vs 1.2M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a crude oil stock draw of 5.215 million barrels, significantly higher than the estimated 1.2 million barrel draw. This suggests a tighter oil supply than expected.
January 09, 2024 | 9:36 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may experience a positive impact due to the larger-than-expected draw in crude oil stocks reported by the API.
The larger-than-expected draw in crude oil stocks 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 price increase.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80