API Weekly Crude Oil Stock: 3.104M Barrel Draw vs 1.35M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude oil stock draw of 3.104 million barrels, surpassing the estimated draw of 1.35 million barrels.
May 14, 2024 | 8:35 pm
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POSITIVE IMPACT
The larger-than-expected draw in crude oil stocks reported by the API could lead to an increase in oil prices, potentially benefiting USO, an ETF that tracks the price of crude oil.
A significant draw in crude oil stocks usually indicates higher demand or lower supply, leading to an increase in oil prices. As USO tracks these prices, a larger-than-expected draw can positively impact its value in the short term.
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IMPORTANCE 75
RELEVANCE 80