Oil is trading higher following a larger-than-expected draw in US crude inventories.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading higher due to a larger-than-expected draw in US crude inventories.
May 15, 2024 | 7:04 pm
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POSITIVE IMPACT
BNO, an ETF that tracks the price of Brent crude oil, is likely to see a positive impact as oil prices rise due to a larger-than-expected draw in US crude inventories.
BNO tracks Brent crude oil prices, which are expected to rise following the news of a significant draw in US crude inventories. This will likely lead to a short-term increase in BNO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USO, an ETF that tracks the price of West Texas Intermediate (WTI) crude oil, is expected to see a positive impact as oil prices increase due to a larger-than-expected draw in US crude inventories.
USO tracks WTI crude oil prices, which are expected to rise following the news of a significant draw in US crude inventories. This will likely lead to a short-term increase in USO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80