Financial Times Reported Earlier, President Biden Ready To Reopen Us Oil Stockpile If Petrol Prices Surge Again
Portfolio Pulse from Benzinga Newsdesk
President Biden is prepared to reopen the US oil stockpile if petrol prices surge again, according to a report by the Financial Times.
June 17, 2024 | 9:23 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might see minor impacts as President Biden's decision to reopen the US oil stockpile could influence broader market sentiment.
While the direct impact on SPY is limited, changes in oil prices can affect market sentiment and economic outlook, potentially influencing SPY.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The United States Oil Fund (USO) may experience increased volatility due to President Biden's readiness to reopen the US oil stockpile if petrol prices surge.
The potential reopening of the US oil stockpile could lead to fluctuations in oil prices, directly impacting USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80