Oil is trading lower following a large build in US crude oil inventories on Wednesday. Investors also assess today's jobs data and Fed policy outlook.
Portfolio Pulse from Benzinga Newsdesk
Oil prices declined due to a significant increase in US crude oil inventories, with investors also evaluating recent jobs data and the Federal Reserve's policy direction.
May 03, 2024 | 7:22 pm
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NEGATIVE IMPACT
BNO, tracking Brent crude futures, likely faces downward pressure following the report of increased US crude inventories.
BNO tracks Brent crude prices, which often move in tandem with WTI prices affected by US inventory levels. The reported build in inventories suggests a short-term bearish outlook for oil, potentially leading to lower BNO prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, which tracks West Texas Intermediate crude, is expected to experience short-term negative impact due to the increase in US crude oil inventories.
USO's performance is closely linked to WTI crude oil prices. The large build in US crude inventories typically signals an oversupply situation, which can depress oil prices and negatively impact USO's price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 90