API Weekly Crude Oil Stock: 2.286M Barrel Draw vs 2M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock draw of 2.286 million barrels, slightly above the estimated 2 million barrel draw. This indicates a higher than expected decrease in crude oil inventories.
April 02, 2024 | 8:33 pm
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The United States Oil Fund (USO) may experience short-term positive momentum due to the higher than expected draw in crude oil stocks, indicating a tightening supply.
The United States Oil Fund (USO) tracks the price of crude oil. A larger than expected draw in crude oil inventories suggests a tightening supply, which can lead to higher oil prices. As USO's value is directly influenced by oil prices, this news is likely to have a positive impact on USO's short-term performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80