API Weekly Crude Stock: 3.034M Barrel Build vs 2.415M Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude stock build of 3.034 million barrels, surpassing the estimated build of 2.415 million barrels. This marks a significant shift from the previous week's draw of 2.286 million barrels.
April 09, 2024 | 8:36 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The United States Oil Fund (USO) may experience short-term price pressure due to the reported increase in crude stock, indicating potential oversupply.
The United States Oil Fund (USO) tracks the price of crude oil. A higher than expected build in crude stock suggests an oversupply, which typically leads to lower oil prices. Given USO's direct correlation with oil prices, this report is likely to exert downward pressure on USO's short-term price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80