Oil is trading lower after OPEC cut its demand forecast and reduced next year's demand growth expectations.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are declining as OPEC has cut its demand forecast and reduced expectations for demand growth next year.
September 10, 2024 | 2:43 pm
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NEGATIVE IMPACT
The United States Brent Oil Fund (BNO) is likely to be impacted negatively as oil prices drop due to OPEC's reduced demand forecast.
BNO tracks the price of Brent crude oil, which is expected to decline following OPEC's reduced demand forecast. This directly impacts BNO's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The United States Oil Fund (USO) is expected to face downward pressure as oil prices fall following OPEC's demand forecast cut.
USO is designed to track the price of West Texas Intermediate (WTI) crude oil, which is likely to decrease due to OPEC's revised demand outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80