API Weekly Crude Oil Stock: 347K Barrel Build vs 2.8M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock build of 347,000 barrels, contrary to the expected draw of 2.8 million barrels. This unexpected increase in crude oil inventory could impact oil prices and related ETFs.
August 20, 2024 | 8:48 pm
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The United States Oil Fund (USO) may experience short-term price pressure due to the unexpected crude oil stock build reported by the API, which contrasts with the anticipated draw.
USO, an ETF that tracks the price of oil, is likely to be impacted by the unexpected increase in crude oil inventories. Typically, a build in oil stocks can lead to a decrease in oil prices, which would negatively affect USO's price.
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