API Weekly Crude Oil Stock: 914K Barrel Build vs 3M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil stock build of 914,000 barrels for the week, contrary to the expected draw of 3 million barrels. This unexpected increase in crude oil inventory could impact oil prices and related ETFs.
June 25, 2024 | 8:38 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The United States Oil Fund (USO) may see a short-term price decline due to the unexpected crude oil stock build reported by the API, which contrasts with the anticipated draw.
The API's report of a crude oil stock build of 914,000 barrels, against an expected draw of 3 million barrels, suggests a potential oversupply in the market. This could lead to a decrease in oil prices, negatively impacting the United States Oil Fund (USO).
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80