Crude Oil Inventories A Draw Of 1.362M Vs A Draw Of 1.43M Expected
Portfolio Pulse from Benzinga Newsdesk
Crude oil inventories reported a draw of 1.362 million barrels, slightly below the expected draw of 1.43 million barrels.

May 08, 2024 | 2:30 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may experience slight volatility due to the reported draw in crude oil inventories being slightly below expectations.
The United States Oil Fund (USO) tracks the price of crude oil. A draw in inventories typically indicates higher demand or lower supply, which can lead to higher oil prices. However, since the draw was slightly below expectations, the impact on USO may be muted, leading to potential short-term volatility but no clear direction.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75