Oil is trading lower following a build in US crude inventories.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading lower due to an increase in US crude inventories.
May 22, 2024 | 7:11 pm
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NEGATIVE IMPACT
BNO, an ETF that tracks Brent crude oil, is likely to see a short-term decline in price due to the increase in US crude inventories.
BNO tracks Brent crude oil prices, which are likely to be negatively impacted by the increase in US crude inventories, leading to a short-term decline in the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, an ETF that tracks WTI crude oil, is expected to experience a short-term decline in price due to the rise in US crude inventories.
USO tracks WTI crude oil prices, which are likely to be negatively impacted by the increase in US crude inventories, leading to a short-term decline in the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80