Oil Prices Drop For Fifth Straight Session, Hit 4-Month Low On Growth Concerns, 'Bearish' OPEC+ Meeting
Portfolio Pulse from Piero Cingari
Oil prices have dropped for the fifth consecutive session, hitting a four-month low due to economic growth concerns and a 'bearish' OPEC+ meeting. The United States Oil Fund (NYSE:USO) and the Energy Select Sector SPDR Fund (NYSE:XLE) have been impacted, with USO closing at $73.32 and XLE falling 1% on Tuesday.
June 04, 2024 | 8:49 pm
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NEGATIVE IMPACT
The United States Oil Fund (NYSE:USO) closed at $73.32, marking the lowest level since February 7, 2024, due to economic growth concerns and a 'bearish' OPEC+ meeting.
The decline in oil prices, driven by economic growth concerns and OPEC+'s less restrictive supply decision, directly impacts USO, which tracks WTI light crude prices.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (NYSE:XLE) fell 1% on Tuesday, following a 2.6% decline on Monday, hitting the lowest close since mid-March due to falling oil prices.
Falling oil prices, driven by economic concerns and OPEC+'s supply decisions, negatively impact energy stocks tracked by XLE.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80