Oil is trading lower following a build in US crude inventories. Oil has also continued to drop following recent Iran-Israel tensions.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading lower due to an increase in US crude inventories and ongoing tensions between Iran and Israel.
April 17, 2024 | 4:29 pm
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NEGATIVE IMPACT
BNO, tracking Brent crude prices, likely faces downward pressure due to increased US crude inventories and geopolitical tensions.
BNO's performance is closely tied to Brent crude prices, which are impacted by supply levels and geopolitical events. The reported build in US crude inventories and tensions between Iran and Israel are likely to exert downward pressure on oil prices, negatively affecting BNO in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
USO, reflecting movements in WTI crude prices, is expected to experience short-term declines due to the same factors affecting the broader oil market.
USO tracks West Texas Intermediate (WTI) crude oil prices, which are sensitive to changes in US crude inventories and geopolitical tensions. The increase in inventories and the Iran-Israel situation are likely to suppress oil prices, leading to a potential short-term decrease in USO's value.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80