Oil is trading higher as traders reportedly anticipate a potential increase in demand during the summer. Additionally, strength may be due to better-than-expected Chinese manufacturing activity data.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are rising as traders expect increased demand during the summer and better-than-expected Chinese manufacturing activity data.
July 01, 2024 | 5:51 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact as oil prices rise due to anticipated summer demand and strong Chinese manufacturing data.
USO tracks the price of oil, and with oil prices rising due to expected higher demand in the summer and positive Chinese manufacturing data, USO is likely to see a positive impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100