U.S. To Seek 6M Barrels Of Oil For Emergency Reserve, Taking Advantage Of Relatively Low Prices, Source Says
Portfolio Pulse from Benzinga Newsdesk
The U.S. government plans to purchase 6 million barrels of oil to replenish its emergency reserves, capitalizing on current low oil prices.
September 17, 2024 | 7:00 pm
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The U.S. government's decision to purchase 6 million barrels of oil could lead to increased demand, potentially boosting oil prices and positively impacting the United States Oil Fund (USO).
The purchase of 6 million barrels by the U.S. government is likely to increase demand for oil, which could lead to a rise in oil prices. This would benefit USO, an ETF that tracks oil prices.
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