Reuters Reported OPEC+ Unlikely To Change Oil Output Policy At Aug 1 JMMC Meeting, Citing Sources
Portfolio Pulse from charles@benzinga.com
Reuters reported that OPEC+ is unlikely to change its oil output policy at the August 1 JMMC meeting, according to sources.
July 18, 2024 | 11:24 am
News sentiment analysis
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NEUTRAL IMPACT
The S&P 500 ETF (SPY) may see limited impact as OPEC+ is expected to maintain its current oil output policy, which suggests stability in oil prices.
Since OPEC+ is not expected to change its oil output policy, oil prices are likely to remain stable, which should have a neutral impact on the broader market represented by SPY.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The United States Oil Fund (USO) is likely to experience stability as OPEC+ is expected to keep its oil output policy unchanged, leading to stable oil prices.
USO directly tracks oil prices, and with OPEC+ maintaining its current output policy, oil prices are expected to remain stable, resulting in a neutral impact on USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
The Vanguard FTSE Europe ETF (VGK) may see limited impact as OPEC+ is expected to maintain its current oil output policy, suggesting stability in oil prices.
VGK, which tracks European stocks, may see limited impact from stable oil prices as a result of OPEC+ maintaining its current output policy.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50