Oil Prices Near 3-Month High At $84 As US Travel Demand Hits Record, Hurricane Season Impacts Supply
Portfolio Pulse from Piero Cingari
Oil prices have reached a three-month high of $84 per barrel due to record U.S. travel demand and supply disruptions from hurricanes and geopolitical tensions. The U.S. Oil Fund (USO) and Hertz Global Holdings Inc (HTZ) are directly impacted by these developments.
July 02, 2024 | 3:38 pm
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POSITIVE IMPACT
Hertz Global Holdings Inc (HTZ) is experiencing high rental demand during the Independence Day holiday, with cities like Dallas, Denver, and Los Angeles seeing the most activity.
HTZ benefits from the record travel demand during the Independence Day holiday, which is likely to boost its revenues and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The U.S. Oil Fund (USO) has seen a significant rise in oil prices, reaching $84 per barrel due to high travel demand and supply disruptions from hurricanes and geopolitical tensions.
USO tracks the price of West Texas Intermediate (WTI) light crude, which has surged due to increased travel demand and supply issues. This is likely to positively impact USO in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100