API Weekly Crude Oil Stock: 674K Barrel Build vs 2.133M Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock increase of 674K barrels, significantly lower than the estimated 2.133M barrel build. This suggests a tighter oil supply than expected.
February 06, 2024 | 9:34 pm
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The United States Oil Fund (USO) may see a positive impact due to the lower-than-expected crude oil stock build, indicating tighter supply.
The API's report of a smaller-than-expected increase in crude oil stocks suggests a tighter oil supply, which can lead to higher oil prices. As USO tracks the price of crude oil, this development is likely to have a positive impact on its price in the short term.
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IMPORTANCE 70
RELEVANCE 80