API Weekly Crude Oil Stock: 8.520M Barrel Build vs 2.600M Build Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock build of 8.520 million barrels, significantly higher than the estimated 2.600 million barrels. This unexpected increase in crude oil inventories could impact oil prices and related assets.
February 13, 2024 | 9:36 pm
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The United States Oil Fund (USO) may experience short-term price volatility due to the unexpected increase in crude oil inventories reported by the API.
The United States Oil Fund (USO) directly correlates with the price of crude oil. A significant build in oil inventories, as reported by the API, typically exerts downward pressure on oil prices due to perceived oversupply. Consequently, USO's price may face short-term negative impact as markets adjust to the higher-than-expected inventory levels.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90