Petroleum Ministry Says Egypt Announces New Oil Discovery In Western Desert
Portfolio Pulse from Benzinga Newsdesk
Egypt's Petroleum Ministry has announced new oil exploration activities in the Western Desert. This development could impact global oil supply dynamics.
August 27, 2024 | 3:50 pm
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The announcement of new oil exploration in Egypt's Western Desert could influence global oil supply, potentially affecting the United States Oil Fund (USO) which tracks oil prices.
The United States Oil Fund (USO) is directly tied to oil prices. New exploration in Egypt could increase oil supply, potentially affecting oil prices. However, the immediate impact on USO is uncertain as it depends on the scale and success of the exploration.
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