API Weekly Crude Oil Stock: 3.9M Barrel Draw vs 700K Barrel Build Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a significant draw of 3.9 million barrels in crude oil stock, contrary to the expected build of 700,000 barrels. This unexpected draw could impact oil prices and related ETFs.
July 23, 2024 | 8:43 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the unexpected 3.9 million barrel draw in crude oil stock reported by the API, which could drive oil prices higher.
The significant draw in crude oil stock is likely to push oil prices higher, benefiting oil-related ETFs like USO. The market was expecting a build, so this news is likely to be seen as bullish for oil prices.
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IMPORTANCE 70
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