API Weekly Crude Oil Stock: 4.495M Barrel Draw
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a significant draw of 4.495 million barrels in crude oil stock. This news is likely to impact oil-related assets.
July 30, 2024 | 8:39 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the reported 4.495 million barrel draw in crude oil stock by the API.
A significant draw in crude oil stock typically leads to higher oil prices, which would benefit oil-related ETFs like USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100