Oil Prices Retreat As OPEC+ Discusses Delay In Production Hikes
Portfolio Pulse from Michael Juliano
Oil prices fell as OPEC+ considers delaying production hikes due to demand concerns and potential Libyan supply. This has impacted oil-related stocks and ETFs, causing declines in Exxon Mobil, Chevron, Shell, and others.
September 04, 2024 | 6:08 pm
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NEGATIVE IMPACT
United States Brent Oil Fund LP declined 1.11% as oil prices fell following OPEC+ discussions on delaying production hikes.
BNO, an ETF tracking Brent oil prices, declined as oil prices fell due to OPEC+ considering delaying production hikes. This ETF is directly impacted by changes in Brent oil prices.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Chevron's stock declined 0.82% as oil prices fell following OPEC+ discussions on delaying production hikes.
Chevron's stock is affected by changes in oil prices. The potential delay in OPEC+ production hikes due to demand concerns led to a decrease in oil prices, negatively impacting Chevron's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shell's stock fell 0.80% as oil prices dropped due to OPEC+ considering delaying production hikes.
Shell's stock is influenced by oil price movements. The news of OPEC+ potentially delaying production hikes led to a fall in oil prices, which negatively affected Shell's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ProShares Ultra Bloomberg Crude Oil lost 2.33% as oil prices fell due to OPEC+ considering delaying production hikes.
UCO, an ETF that amplifies oil price movements, saw a significant decline as oil prices fell due to OPEC+ discussions on delaying production hikes.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
United States Oil Fund LP saw a 1.31% decline as oil prices fell following OPEC+ discussions on delaying production hikes.
USO, an ETF tracking oil prices, declined as oil prices fell due to OPEC+ considering delaying production hikes. This ETF is directly impacted by changes in oil prices.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Exxon Mobil's stock fell 0.62% as oil prices dropped due to OPEC+ considering delaying production hikes.
Exxon Mobil's stock is sensitive to oil price fluctuations. The news of OPEC+ potentially delaying production hikes due to demand concerns led to a decline in oil prices, impacting Exxon's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80