Oil is trading higher following reports indicating OPEC+ is nearing an agreement to delay its output increase.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are rising as OPEC+ is reportedly close to agreeing on delaying its planned output increase. This development is likely to impact oil-related ETFs such as BNO and USO.
September 05, 2024 | 2:43 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The United States Brent Oil Fund (BNO) is likely to see a positive impact as oil prices rise due to OPEC+ nearing an agreement to delay output increases.
BNO tracks the price of Brent crude oil, which is expected to rise as OPEC+ delays output increases, making BNO more attractive to investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The United States Oil Fund (USO) is expected to benefit from the rise in oil prices as OPEC+ is close to delaying its output increase.
USO is designed to track the price of West Texas Intermediate (WTI) crude oil, which is likely to increase as OPEC+ delays its output increase, boosting USO's appeal.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80