Oil is trading lower as traders assess supply disruption in Libya and reports of soft demand in China. Data showed a smaller-than-expected draw in crude oil inventories and the EIA reported a build in weekly distillates stocks.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining due to supply disruptions in Libya and weak demand in China. Additionally, a smaller-than-expected draw in crude inventories and a build in distillate stocks are contributing to the downward pressure.
August 28, 2024 | 2:42 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
BNO, an ETF tracking Brent crude oil, is likely to be impacted by the decline in oil prices due to supply disruptions in Libya and weak demand in China.
BNO is directly linked to Brent crude oil prices, which are falling due to supply disruptions in Libya and weak demand in China. The smaller-than-expected draw in crude inventories and a build in distillate stocks further contribute to the negative outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USO, an ETF tracking WTI crude oil, is likely to be negatively affected by the current decline in oil prices driven by supply issues in Libya and soft demand in China.
USO is tied to WTI crude oil prices, which are under pressure due to supply disruptions in Libya and weak demand in China. The smaller-than-expected draw in crude inventories and a build in distillate stocks add to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80