API Weekly Crude Oil Stock: 8.428M Barrel Build
Portfolio Pulse from Benzinga Newsdesk
The API reported a significant increase in crude oil stocks, with an 8.428 million barrel build.
February 27, 2024 | 9:47 pm
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The United States Oil Fund (USO) may experience short-term price volatility due to the reported increase in crude oil stocks.
The United States Oil Fund (USO) tracks the price of crude oil. A significant build in oil stocks, as reported, typically exerts downward pressure on oil prices due to perceived oversupply. This, in turn, could negatively impact USO's short-term price.
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