API Weekly Crude Oil Stock 9.163M Barrel draw vs 150K Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a significant draw of 9.163 million barrels in crude oil stock, compared to the estimated draw of 150,000 barrels.
July 02, 2024 | 8:40 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the significant draw in crude oil stock reported by the API, which was much larger than expected.
A larger-than-expected draw in crude oil stock typically indicates higher demand or lower supply, which can lead to higher oil prices. As USO tracks the price of oil, this news is likely to positively impact its price.
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