Deputy Prime Minister of Russia Novak Says OPEC+ Doesn't Discuss Output Hike
Portfolio Pulse from Benzinga Newsdesk
Deputy Prime Minister of Russia, Novak, announced that OPEC+ is not discussing an output hike, according to Reuters. This statement could influence global oil supply perceptions and potentially impact oil prices and related assets.
May 07, 2024 | 5:05 pm
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The United States Oil Fund (USO) could see short-term price movements based on the announcement from Russia's Deputy Prime Minister Novak that OPEC+ is not discussing an output hike. This could affect global oil supply perceptions.
The United States Oil Fund (USO) tracks the price of crude oil. Novak's statement implies no immediate increase in oil supply from OPEC+, which could lead to higher oil prices if demand remains constant or increases. This scenario is likely to positively impact USO's price in the short term, given its direct correlation with crude oil prices.
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