API Weekly Crude Oil Stock: 4.906M Barrel Build
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock increase of 4.906 million barrels, indicating a significant build in oil inventories.
April 30, 2024 | 8:36 pm
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The United States Oil Fund (USO) may experience short-term price pressure due to the reported increase in crude oil inventories.
The build in crude oil inventories typically signals a potential oversupply in the market, which can lead to lower oil prices. As USO's performance is directly linked to the price of crude oil, an increase in oil inventories can negatively impact USO's short-term price.
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