US API Weekly Crude Oil Stock Draw Of 2.428M Vs Draw Of 1.750M Est.; Build Of 4.052M Prior
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 2.428 million barrels, which is larger than the expected draw of 1.750 million barrels. This follows a previous build of 4.052 million barrels.
June 11, 2024 | 8:41 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the larger-than-expected crude oil stock draw reported by the API.
A larger-than-expected draw in crude oil stocks typically indicates higher demand or lower supply, which can lead to higher oil prices. This is beneficial for USO, which tracks the price of oil.
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