Brent Crude Falls Below $74, Lowest In 2024, On Report Of Deal Imminent To Restart Libyan Oil Flows
Portfolio Pulse from Benzinga Newsdesk
Brent crude oil prices have fallen below $74, marking the lowest level in 2024, due to reports of an imminent deal to restart Libyan oil flows. This development could impact oil-related assets, including ETFs like USO.
September 03, 2024 | 2:07 pm
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The United States Oil Fund (USO) may experience a short-term price decline due to the drop in Brent crude prices, driven by the potential restart of Libyan oil flows.
USO is directly linked to oil prices, and a decrease in Brent crude prices typically leads to a decline in USO's value. The news of a potential restart of Libyan oil flows suggests an increase in supply, which can further pressure oil prices downward.
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