Oil is trading lower as concerns over Middle East tensions ease.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining due to reduced concerns about tensions in the Middle East, impacting related ETFs.
April 22, 2024 | 2:50 pm
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NEGATIVE IMPACT
BNO's price is likely to decrease as it directly correlates with the price of Brent crude oil, which is falling due to easing Middle East tensions.
BNO tracks Brent crude oil prices. Reduced geopolitical tensions in the Middle East typically lead to lower oil prices, negatively impacting BNO's value in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
USO is expected to see a decline in its price as it is closely tied to the price of WTI crude oil, which is dropping due to the easing of tensions in the Middle East.
USO tracks the price of West Texas Intermediate (WTI) crude oil. The easing of geopolitical tensions in the Middle East often leads to a decrease in oil prices, which in turn negatively affects USO's short-term price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90