U.S. Energy Department Says Buys U.S. Nearly 2.5M Barrels Of Oil For Strategic Petroleum Reserve
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Department has purchased nearly 2.5 million barrels of oil to replenish the Strategic Petroleum Reserve. This move could impact oil prices and related ETFs.
August 23, 2024 | 8:36 pm
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The U.S. Energy Department's purchase of nearly 2.5 million barrels of oil for the Strategic Petroleum Reserve could influence oil prices, potentially affecting the United States Oil Fund (USO).
The purchase of oil for the Strategic Petroleum Reserve can lead to changes in oil supply dynamics, potentially affecting oil prices. As USO tracks oil prices, it may see a positive impact if prices rise due to increased demand from the government purchase.
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