Tensions Rise In Venezuela As Opposition Disputes Election Results: Impact On Oil ETFs
Portfolio Pulse from Anthony Noto
Tensions in Venezuela rise as opposition disputes election results, impacting oil ETFs. Major oil companies and ETFs saw gains, except for the United States Oil Fund (USO), which traded lower.
July 30, 2024 | 8:58 pm
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NEGATIVE IMPACT
United States Oil Fund (USO) saw a 0.97% decrease amid rising tensions in Venezuela following disputed election results.
USO's price decreased possibly due to market volatility and uncertainty surrounding the disputed election results in Venezuela.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
ConocoPhillips (COP) saw a 0.72% increase amid rising tensions in Venezuela following disputed election results.
ConocoPhillips' stock price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Chevron Corp (CVX) saw a 1.90% increase amid rising tensions in Venezuela following disputed election results.
Chevron's stock price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
EOG Resources (EOG) saw a 0.75% increase amid rising tensions in Venezuela following disputed election results.
EOG Resources' stock price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
iShares U.S. Energy ETF (IYE) saw a 1.29% increase amid rising tensions in Venezuela following disputed election results.
IYE's price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Marathon Oil (MRO) saw a 0.69% increase amid rising tensions in Venezuela following disputed election results.
Marathon Oil's stock price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Vanguard Energy ETF (VDE) saw a 1.5% increase amid rising tensions in Venezuela following disputed election results.
VDE's price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
SPDR Select Sector Fund – Energy Select Sector (XLE) saw a 1.55% increase amid rising tensions in Venezuela following disputed election results.
XLE's price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Exxon Mobil (XOM) saw a 1.78% increase amid rising tensions in Venezuela following disputed election results.
Exxon Mobil's stock price increased likely due to market reactions to potential instability in Venezuela, which holds the world's largest proven crude oil reserves.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80