OPEC Crude Output Rose By 185,000 B/D In July to 26.75M B/D
Portfolio Pulse from Benzinga Newsdesk
OPEC's crude oil output increased by 185,000 barrels per day in July, reaching a total of 26.75 million barrels per day.
August 12, 2024 | 10:47 am
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NEUTRAL IMPACT
The rise in OPEC's crude oil output could have a mixed impact on the SPDR S&P 500 ETF (SPY), as lower oil prices may benefit some sectors while hurting others.
While lower oil prices can reduce costs for oil-consuming industries, benefiting companies within those sectors, they can also hurt oil producers and related industries. The net impact on the SPDR S&P 500 ETF (SPY) is likely to be neutral in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The increase in OPEC's crude oil output could lead to a short-term decrease in oil prices, potentially impacting the United States Oil Fund (USO).
Higher crude oil output from OPEC typically leads to increased supply in the market, which can put downward pressure on oil prices. This is likely to negatively impact the United States Oil Fund (USO), which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80