Oil is trading higher ahed of the upcoming OPEC+ meeting. Continuing conflict between Israel and Gaza could also be causing supply uncertainty.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading higher ahead of the upcoming OPEC+ meeting, which could influence future production levels and market dynamics.
May 28, 2024 | 7:13 pm
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POSITIVE IMPACT
BNO, an ETF that tracks Brent crude oil prices, is likely to see increased volatility and potential price gains as oil prices rise ahead of the OPEC+ meeting.
As BNO tracks Brent crude oil prices, any increase in oil prices due to the OPEC+ meeting will likely result in a positive impact on BNO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USO, an ETF that tracks West Texas Intermediate (WTI) crude oil prices, is expected to experience increased volatility and potential price gains as oil prices rise ahead of the OPEC+ meeting.
USO tracks WTI crude oil prices, so any rise in oil prices due to the OPEC+ meeting will likely have a positive impact on USO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80