API Weekly Crude Oil Stock: 5.205M Barrel Draw vs 2.000M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a significant draw of 5.205 million barrels in crude oil stock, compared to the expected draw of 2.000 million barrels. This larger-than-expected draw could impact oil prices and related assets.
August 13, 2024 | 8:36 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the larger-than-expected draw in crude oil stock reported by the API. This could lead to higher oil prices, benefiting USO.
The larger-than-expected draw in crude oil stock suggests a tighter supply, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to benefit from this development.
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