Oil is trading lower following reports suggesting OPEC+ is considering proceeding with an output hike.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining due to reports that OPEC+ might increase oil production. This development could impact oil-related assets, including ETFs like USO.
August 30, 2024 | 6:26 pm
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The United States Oil Fund (USO) may experience a decline in value as oil prices fall due to potential OPEC+ production increases.
USO is directly tied to oil prices, which are declining due to reports of OPEC+ considering an output hike. This could lead to a decrease in USO's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80