Oil is trading lower amid efforts to broker an Israel-Hamas ceasefire.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading lower due to ongoing efforts to broker a ceasefire between Israel and Hamas, impacting related ETFs.
April 29, 2024 | 3:28 pm
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NEGATIVE IMPACT
The United States Brent Oil Fund, LP (BNO), which tracks the price of Brent crude, is likely to experience a short-term decrease in value due to the lower oil prices.
BNO's value is directly tied to the price of Brent crude oil. With oil prices trading lower due to geopolitical developments, BNO is expected to see a corresponding decrease in its value in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
The United States Oil Fund, LP (USO), which aims to track the daily price movements of West Texas Intermediate (WTI) light, sweet crude oil, is expected to see a short-term decline in value as oil prices drop.
USO's performance is closely linked to the price of WTI crude oil. The ongoing efforts to broker a ceasefire between Israel and Hamas have led to lower oil prices, which in turn is likely to negatively affect USO's short-term value.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80